Biometrics to revolutionize the security of mobile payments, report suggests
Biometrics are likely to become the solution that will help deliver a higher level of security and an intuitive customer experience in the field of mobile payments, a new research paper by Frost & Sullivan has revealed.
“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,” noted Frost & Sullivan Global Program Director, ICT in Financial Services, Jean-Noel Georges.
Remembering PINs could become soon a thing of the past. With biometrics the user is the unique key to device, application, and payment security, making it a high rank of protection. But even if these technologies are ready, the cost and complexity of integrating them into mobile devices make widespread rollout a huge challenge.
Moreover, the end user will need time to accept this new way of interacting with his or her device. Other projects have already appeared that use an individual’s personal magnetic field as an identifying signature. “We expect to see biometrics becoming increasingly prevalent over the course of the next 3-4 years, driven by a desire among vendors and consumers alike to be better protected when accessing mobile services,” summarised Mr. Georges.
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