Tag: biometric technology

Biometric technology is improving mobile payments

| October 8, 2015

Biometrics have succeeded in making mobile commerce more secure

Biometric technology is expected to have a major impact on the mobile payments space. A new report from Goode Intelligence has noted that this technology has helped making mobile commerce much more secure than it had been in the past. This technology involves the use of biological information, such as a fingerprint, to protect a mobile device. Many of the latest smartphones that have been released this year incorporate biometric technology in some way, especially those that have mobile payments capabilities.

Report predicts that biometrics will secure $5.6 trillion in mobile payments by 2020

According to the report from Goode Intelligence, biomteircs may be responsible for securing more than $5.6 trillion in mobile payments by 2020. This technology will be used to authorize some 226 billion transactions, with each transaction coming in at $25 on average. Consumers have shown a great deal of interest in mobile commerce, as it represents a more convenient way for them to get their shopping done. One of the problems that consumers have had with mobile payments, however, is a lack of security.

Security solutions ensure that consumers will be protected as they make mobile transactions

biometrics technology - Mobile PaymentsMobile commerce is a very attractive market, especially among malicious groups that would be interested in exploiting the financial information of consumers. Security concerns had kept many consumers away from the mobile commerce space, which has lead several organizations involved therein to look for adequate solutions to this problem. Biometric technology has proven to be the solution that these organizations have been looking for, as the technology has proven to keep consumer information safe in an effective manner.

Tokenization and biometric technology are gaining ground among payments firms

Biometrics are not the only way to keep consumer information sector, of course. Tokenization is also becoming quite popular in the mobile payments space. This involves replacing consumer financial information with digital tokens, which are unique for every transaction. Both Visa and MasterCard are using this practice in order to ensure that those participating in mobile payments are adequately protected from malicious groups.

ING brings more security to mobile payments with voice recognition

| August 4, 2015

ING introduces new feature for its banking app that will make mobile payments more convenient

Dutch bank ING has introduced a new service that will allow its customers to make mobile payments using their voices. The service is being incorporated into its mobile banking application and is meant to serve as a more convenient way to make payments without having to enter a password. The service is designed to highlight the convenient nature of mobile payments, which are becoming more popular in the Netherlands as well as other parts of the world.

Voice activation will bring more security to banking app

ING customers can use the new feature of their mobile banking application to speak a short phrase, which will be used to activate a mobile transaction. Users will pre-record the phrase for the application and this phrase will be stored as a file on their mobile device. ING believes that voice activation will add another layer of security to mobile payments, as a person’s voice can be as unique as their fingerprint. This is due to differences in vocal cavities and how different mouth movements can affect the sound of the voice.

Speech recognition is becoming more popular in the mobile commerce space

ING Bank - Mobile PaymentsNuance, a biometric company, is providing the speech-recognition technology that ING is using for the new service. Similar technology is used by several other organizations in order to determine the identity of consumers. The U.S. government, for instance, use speech recognition technology in cases where agencies are handling tax issues. This technology is largely used to reduce the prevalence of fraud and has been relatively successful in doing so in recent years.

Biometric technology could help mobile commerce appeal to consumers

Making mobile payments more secure has become a major priority for banks around the world. These banks have become heavily involved in the mobile commerce space, but consumers have voiced their concerns regarding their financial information. Biometric technology is expected to put many of these concerns to rest, which may make mobile payments significantly more attractive to consumers throughout the world.