Complex Made Simple

The rise of Biometric payments could come in “handy”

Forget cards and passwords when paying in-store. Your body parts will do just fine

Some companies are going deviceless, enabling consumers to pay by ‘who they are Amazon is a long-time player in the payments space with Amazon Pay, but now it may be turning its attention in-store There will be 770 million biometric authentication apps downloaded annually by 2019

In-store mobile payments were the first instance where biometrics was introduced to the world of payments. Back in 2014 Apple Pay allowed its smartphone customers to make payments simply by using fingerprints, and then facial recognition.

Now some companies are going deviceless, enabling consumers to pay by ‘who they are’. i.e. their fingerprints, iris or face. This is limited to how many Points of Sales are equipped with these systems.  

But the tech is here.

Above graphs coutrtesy of biometricsinstitute

AMAZON has a hand in this 

Amazon is planning to bring a biometric payment method to Whole Foods

With this payment method, consumers who have a Prime account with a card on file can scan their hand at checkout to make a purchase, as per the New York Post.

The scanner uses computer vision and depth geometry and doesn't require consumers to physically touch it. The process reportedly takes less than 300 milliseconds, while a regular card transaction takes at least 3,000 milliseconds, or 3 seconds.

Amazon is a long-time player in the payments space with Amazon Pay, but now it may be turning its attention in-store.   

Biometrics raise concerns about data privacy and security since consumers need to disclose new information in the form of their fingerprints, hand scans, and other data.  

Read Expert: Why biometric data use poses unique security risk

The biometric payment market growing

According to Juniper Research, there will be 770 million biometric authentication apps downloaded annually by 2019. With this technology comes not only convenience but an exciting new form of security and identity verification.

The transition to fingerprint technology promises to simplify customer experiences.

Security analysts point out that as more apps enter the market, fingerprint-scanning technologies will improve and even more biometric methods will become prevalent.

Passwords may soon become obsolete.

A recently published forecast states that there will be over 2.6 bn biometric payment users by 2023.