5 ways biometrics are going mainstream for payments
While many Americans and Europeans are comfortable using biometric authentication to access their smartphones and bank accounts, the real leader in biometric adoption for payments is actually the government of India.
Today over 1 billion Indian consumers have established a digital identity with the government, backed with fingerprint and iris scan recognition, in addition to a photograph, as a means to collect social welfare payments. The biometric registration process of almost the entire country has taken less than 10 years and means that the Indian government now has the tools to not only uniquely identify every citizen, but also to drive financial inclusion and digital payments in rural areas.
While fingerprint recognition is becoming more commonplace, other biometric technologies are rapidly entering the market such as voice, facial and even vein pattern recognition. One area being heavily explored by banks and card issuers is the adoption of fingerprint recognition for contactless card payments in lieu of PIN numbers. Last year, Italian bank Intesa San Paolo and Mastercard announced a 16 week biometric card pilot encompassing users in Turin, Milan and Rome. The pilot features the FPC-1300 ultra-low power consumption fingerprint biometric sensor from Swedish-based Fingerprints AB.