Biometric technology is the key to safe mobile payments: Frost & Sullivan
Frost & Sullivan has just posted a statement in favor of mobile biometric payment systems, arguing the industry must focus on payment security and that biometrics represent the best solution.
“Protecting the mobile device itself is a first step, necessary to secure mobile payments. Although a personal identification number (PIN) can do the job, in 2011 more than 60 percent of smartphone users were not using a PIN to protect their mobile access,” Global Program Director, ICT in Financial Services, Jean-Noel Georges said.
“The time is now right for biometric technology to emerge as a secure solution for mobile applications that require high levels of security, particularly payment. From a pure-payment security point of view, biometrics has already delivered significant advantages.”
Despite the benefits, end users will need time to accept these new systems and Frost & Sullivan expects biometrics to become increasingly prevalent over the next 3-4 years.
The group also notes that mobile development is likely to have a big impact, and the industry agrees.
The Biometrics Institute posted the results of its annual industry survey this week, and among them is the fact that mobile implementations are expected to be a driving focus for the industry as a whole over the next few years.
As of late there has been a renewed focus on Apple and Samsung’s rumored work on integrating fingerprint sensors in upcoming smartphones, though recent reports have suggested they may both be facing some difficulty in this regard.
Early this year, Frost & Sullivan published new analysis, noting that the global border control and biometrics markets are poised for expansion, due to increasing international co-operation on travel security.