Having 17 years experience in the virtual payment processing industry I can recall walking the floors of many conventions and noticed small start-up companies with the word “biometrics”.
Now I thought to myself, OK what the heck does that have to do with payment processing and how will it help a SMB. Well, it has been a long time coming and it’s here, biometrics is expanding in the market place and we may soon say goodbye to passwords.
Current trends are any indication, passwords may soon be a thing of the past. A recent survey from Gigya reported that 52 percent of customers said they would prefer biometrics or “modern authentication methods” to a password when logging in to an online account.
Google announced it would begin to test “Trust API,” a new alternative to passwords, in an effort to end the use of traditional login methods by the end of this year. The API uses factors such as voice patterns, typing and swiping behaviors, and face shape to determine a user’s identity. Citibank also ramped up its biometric offerings, announcing it would implement a voice-powered authentication solution in Asia over the coming months.
The biometrics market as a whole is expanding. According to the “Global Mobile Biometrics Market 2016-2020” report from Technavio, the market will expand at a CAGR of 103 percent over the next four years. The study predicts that the mobile biometric market will be valued at $12 billion by 2020.
I would recommend to all SMB who process virtual payment transactions, be engaged with the your industry innovative changes and stay ahead of the fraudsters. Get to know who your customers are and they will embrace your product or services knowing your protecting their financial future.
Thank you pymnts.com for your awesome contribution!
