Striving to the frictionless payment experience, whereby the consumer to penchant exchange of value requires minimal inputs to confirm identity and enable payment remains a central driver in fintech investment. In the article’s featured report, the use of unique identifiers is recognized as being a clear leader in payment authorization.
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.
Mercator Advisory Group agrees that biometric authentication will continue to gain traction in 2016, with at least one leading financial institution dispensing with passwords entirely in favor of biometric identity authentication methods such as vocal recognition and facial scan. It remains to be seen how much disruption will actually stem from the incorporation of biometrics tied to identity, but the impact will indeed be significant. To read more about how we feel biometrics will be increasingly employed in financial transactions, please see Eight Technologies That Will Impact Payments and Banking Going Forward.
Overview by Joe Walent, Senior Analyst, Emerging Technologies Advisory Service at Mercator Advisory Group
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