Every financial institution should deploy a secure mobile app to account holders with a mobile device and leverage that app for authentication across all consumer channels, including e-commerce, using EMVCo 3D Secure. By standardizing on the mobile device app, overall security is greatly enhanced, as is your brand awareness.
Putting a fingerprint on the payment card is relatively expensive as it represents an additional infrastructure that needs to be maintained and adds cost for the card-based fingerprint reader itself. But manufacturers of card-based fingerprint readers are pushing hard:
“From facilitating hygienic payments to enabling secure remote working, biometrics has truly proven its value in recent months.
In payments, momentum was already gathering before the pandemic for biometric payment cards, with the first biometric payment card certified by a payment network in early January. The recent rise in popularity of traditional contactless cards as a more hygienic, convenient payment option has also further highlighted the benefits of biometrics in payments. By adding strong authentication to contactless cards, banks finally have the ability to remove the contactless cap and deliver consumers a truly ‘touch-free’ contactless payment experience, regardless of the amount.
Unsurprisingly, adoption timelines have accelerated in recent months, with BNP Paribas announcing its fast-tracking launch of its first commercial biometric payment cards this autumn. With more banks predicted to follow in quick succession, we estimate that by 2026 around 3 billion biometric payment devices will be shipped every year, including wearables, USB dongles and other form factors too.
In the security market, the business case for biometrics has also become clearer. With flexible working becoming the ‘new normal’ and the vehicle industry turning its eye to biometrics, it has become clear that more secure, convenient and hygienic access control solution are more important than ever before.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group