May 30, 2014 -
Biometric payments are a growing trend. According to a recent panel at the Biometrics Institute Asia Pacific Conference, consumers can get used to the idea of providing biometrics to access their funds.
Reported in TechWorld, this particular panel consisted of Arun Kendall, the industry policy manager for the Australian Payments Clearing Association; Tony Eyles, a product development manager at Kiwibank; and Santiago Uriel Arias, a managing director for the Spanish Confederation of Savings Banks;.
According to the TechWorld report, these panellists were most convinced that fingerprint authentication would catch on with users, but that only time will tell.
The idea that there will be a period of transition both to allow for adoption, but also as older generations resist biometric security, also came up in the panel discussion.
This panel echoes the findings of an earlier research report which suggests that biometric payment systems could make a breakthrough in adoption figures in 2014.
According to separate research from the Biometrics Research Group, biometric technology has been projected to cut bank operational risks by 20 percent, following adoption over the next ten years.
In addition, the group estimates that mobile commerce will drive millions of biometric smartphone shipments as well as billions in transactions.