BFC Bulletins Monthly News Digest
Tags Identification Payments
Biometric solutions are infiltrating every aspect of our lives, and biometric mobile wallets (using face, fingerprint and/or retina scans as authorization mechanisms) seem more and more like an inevitability. As more and more people become comfortable with using their bodies as a means of identification, biometric payment solutions will also become more and more popular. Not only is this good news for those that are pro-technology and pro-convenience, it is also good news for businesses as studies have found that making shopping easier for consumers leads to greater consumer spending overall. Businesses can take advantage of biometric payment solutions in other ways as well, most specifically for building unique consumer profiles and targeting consumers with tailored offers.
Yet it’s not all good news. Most places have no relevant legislation in place regarding biometric data, its use and its storage. Moreover, biometric data is currently considered as the most secure form of identification verification (after all, your data is unique to you); however, it is conceivable that criminals, in the future, could find ways to replicate biometric data and steal consumers’ identities. While biometric solutions do seem to be a likely part of our future, it is clear that much work has yet to be done in order to ensure that the biometric environment is both secure and used responsibly.
