It also notes the importance of display cards with dCVV and/or one-time password (OTP) functionalities will replace the static three-digit card verification code currently located on the rear of debit and credit cards with a small display screen that changes the card holder’s unique card verification code every few minutes.
The use of biometric cards is on the rise as businesses and organizations strive to find more secure ways to protect their data. Biometric cards are similar to traditional ID cards, but they contain additional information such as a fingerprint or iris scan. This information is used to verify the identity of the cardholder and provide access to restricted areas or data. While biometric cards offer a higher level of security, they are also more expensive and can be difficult to replace if lost or stolen. As a result, businesses and organizations must carefully weigh the benefits and drawbacks of biometric cards before implementing them.
Mercator Advisory Group recognizes that in addition to innovations in payment card technology like those mentioned above and evidenced in many products such as PLASTC, it will also incorporate contextual data authentication (location, buying patterns) and variable biometric data gleaned from wearables (cadence, heart-rate), in addition to traditional biometric marker (fingerprint, voice). Authentication of identity and verification against risk assessments will receive increased attention as imperatives for conducting business the next several years.
Overview by Joseph Walent, a Senior Analyst in the Emerging Technologies Advisory Service at Mercator Advisory Group
Read the full story here