Banking, ePassports driving biometrics expansion says Gemalto

According to analysis from Gemalto, an international digital security company, banking and border security will continue to drive the expansion of biometrics.

“With security threats becoming more prevalent and advanced, financial organisations and retailers are now exploring ways to make digital interactions more secure and seamless for customers. This goal is driving increased demand for biometric solutions,” stated Pierre Lelievre VP, Marketing & Communications, Asia Pacific at Gemalto in a recent article.  “Using a fingerprint, iris scan, voiceprint or facial recognition technology can provide indisputable evidence of the link between the document, device or application and its user. The result is better security and convenience for consumers.”

A recent special report published by Biometrics Research Group, Inc. notes that revenue streams for biometrics utilized in the global banking sector will rise from US$900 million in 2012 to US$1.8 billion by the end of 2015. Revenue will primarily be driven by adoption in emerging economies, but market and technological research will continue to be conducted in developed countries.

Lelievre also stated in the article that in Australia, travelers can expect a better experience at airports next year with the help of electronic passports: “By late next year, officials expect most Australian passports will be ePassports, containing a digital photograph and encrypted details. ePassports have the potential to change the way Australians travel, facilitating quicker and more secure border crossings and preventing counterfeiting.”

A biometric passport, also known as an e-passport, ePassport or a digital passport, is a combined paper and electronic passport that contains biometric information that can be used to authenticate the identity of travelers.

Biometrics Research Group believes that within the next decade, the ePassport will become the ubiquitous travel document. The research firm estimates that nearly 500 million ePassports have been issued worldwide by over 100 countries and that approximately 485 million are in circulation. Of these, 54 countries have opted to store facial and fingerprint data in the travel document.

In a Biometric Research Note issued in December 2013, Biometrics Research Group, Inc. estimated that revenues within the global ePassport market will reach US$10.2 billion by 2015.

Lelievre notes: “The improved efficiency provided by ePassports will be complemented by an increased use of eGates, which further simplify border processes. Immigration officials predict 90 per cent of travellers in Australia will use e-Gates by 2020. Implementation of the automated departures eGates across airports is an important investment in border management and will provide travellers with an experience that is seamless, low-touch, and high-tech, advancing national security and border protection measures.”

Article Topics

biometrics  |  border control  |  financial services