Biometrics primed to be a security mainstay
Fingerprints, eye scans and other biometric security could become the new gold standard for payments.
To some this might sound far-fetched and futuristic, but it may be closer than we think.
Take Apple Pay for instance, the app uses the fingerprint recognition capabilities of the iPhone to verify purchases from a user’s account.
Beyond fingerprints, what if we could pay for purchases by simply smiling? Alibaba has already begun rolling out their “smile to pay” service at KFC restaurants in China.
While building consumer trust in these new payments methods will undoubtedly take time, the possibility of freeing consumers from physical payment objects such as cash, cards and phones would be transformative.
Though the U.S. has faced some obstacles and overcome some challenges in regards to payments innovations, such as steep regulatory hurdles and non-uniform adoption of new technologies, the industry is growing with tremendous momentum.
The next few years will be an exciting time for payments in the U.S. as we begin to adopt current industry standards more broadly, and begin working towards the next breakthroughs in both convenience and security.