FB pixel

Biometrics most disruptive technology in fintech: report


A new report by Juniper Research titled “Top 10 disruptive technologies in fintech: 2016” discusses technologies that will do the most to transform e-commerce this year and topping the list are biometrics, federated identity and tokenisation.

The research firm highlights the use of biometric authentication in both Apple Pay and Samsung Pay and the proliferation of fingerprint readers in smartphones as making the biggest difference to ‘payment completion’ today. Juniper argues that use cases and deployments will proliferate in the short and medium term.

Next to biometrics is federated ID, which provides merchants with the ability to gather information on customers at once, rather than asking them to fill out long forms. Juniper noted that Facebook, Google and LinkedIn currently dominate this area but expects banks, telcos and even governments to increase their presence within the space.

Juniper ranks tokenisation as the next most impactful technology, addressing the e-commerce security barrier. Tokenisation makes the theft of card data pointless by replacing card numbers with randomly generated digits and prevents merchants from having to store sensitive credentials.

Juniper anticipates that the benefits offered by tokenisation, and its support by Visa and MasterCard, will lead to far greater commercial deployment and adoption in the near future.

Report author Tim Green commented, “Digital commerce is already worth around $1.7 trillion a year, but it still has so far to go. Even after 20 years, it can be hard for consumers to buy the things they want to buy without fuss. Happily, exciting new ideas are on the way.”

The report cautions that disruptive technologies will invariably develop at different speeds as new device types and government regulation accelerate the adoption of some and delay others.

For a quick synopsis, download Juniper’s whitepaper “Top 3 disruptive fintech to watch in 2016” from its website along with more details on the full research report.

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News


EU AI Act should revise its risk-based approach: Report

Another voice has joined the chorus criticizing the European Union’s Artificial Intelligence Act, this time arguing that important provisions of…


Swiss e-ID resists rushing trust infrastructure

Switzerland is debating on how to proceed with the technical implementation of its national digital identity as the 2026 deadline…


Former Jumio exec joins digital ID web 3.0 project

Move over Worldcoin, there’s a new kid on the block vying for the attention of the digital identity industry and…


DHS audit urges upgrade of biometric vetting for noncitizens and asylum seekers

A recent audit by the DHS Office of Inspector General (OIG) has called for the Department of Homeland Security (DHS)…


Researchers spotlight Russia’s opaque facial recognition surveillance system

In recent years, Russia has been attracting attention for its use of facial recognition surveillance to track down protestors, opposition…


Estonia digital identity wallet app from Cybernetica lifts off

Tallinn-based Cybernetica has submitted the minimum viable product (MVP) for Estonia’s national digital identity wallet to the Estonian Information System…


47 Replies to “Biometrics most disruptive technology in fintech: report”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events