Biometric technology could make the mobile commerce industry safer

Biometric technology may become a very prominent part of the mobile commerce world

Advanced biometric technology could play a major role in the future of mobile commerce and security. NXT-ID, a company that specializes in biometric technology, will be attending a new business event that has been formed to promote the use of smart technologies in the North American market. This technology is becoming quite prominent, because it serves as a way to improve the security of mobile devices. Mobile security has become a major priority for those that are participating in mobile commerce.

NXT-ID to highlight new technology at upcoming event

At the event, NXT-ID’s chief technology officer, David Tunnell, will be speaking about the issues that exist in the digital world. Tunnell will make note of technologies that have been designed to protect private information and how these technologies can be used in a convenient manner. Attention will be brought to NXT-ID’s own solution, called MobileBio, which has been developed to mitigate consumer risks in the realm of mobile commerce and computing.

Biological information could keep consumers safe

Biometric technology could make mobile commerce saferBiometric technology is gaining momentum in the mobile commerce industry because of its ability to protect consumer information. This technology uses biological information to safeguard mobile services and devices. This information can be a fingerprint, a person’s voice, or even their eyes, as biometric scanners can be used to collect this information. This information can then be used to unlock a mobile device or authenticate a mobile payment.

Mobile security continues to be a problematic issue for the mobile commerce market

Mobile security remains as one of the greatest challenges in the mobile commerce field. The market has become a target for malicious groups that will take advantage of consumer information by exploiting the weaknesses of some mobile commerce platforms. Biometric technology could help resolve this issue, as obtaining biological information is considerably more difficult for hackers than it is to steal digitally. While biometric technology may help resolve many security issues, the technology does not exist as an absolute defense against threats.

Mobile payments platforms could reach $8 billion in global transactions in 2014

Digital wallet apps are growing in popularity and NFC technology is becoming more widespread.

The smart technology sector has been increasing the interest that consumers have been having in mobile payments services and apps, and it is now believed that these transactions are finally starting to take off in a meaningful way.

This market now has quite a large number of players that each offer their interpretation of the best service.

Within this mobile payments market, NXT-ID Inc, a biometric security company, is expecting that it will become profitable in 2015. This, according to Gino Pereira, its chief exec, at a time in which it is now rolling out an alternative digital wallet service to some very large competition, including Apple Pay. This service is hoping to be able to stand out from the rest with what it feels are exceptional mobile security protections.

Mobile payments has been held back by a continual fear consumers hold with regards to security.

mobile mobile payments transactionsConsumers have yet to feel confident that their sensitive private and financial data will be held secure when using their smartphones as a mobile wallet. According to Pereira, NXT-ID is expecting that its voice- and passcode-protected “Wocket” wallet will be adopted quite quickly. He recently stated that “Even if you take a small percentage of credit cards holders (in the United States) and multiply it by $150 you will see there is a multi-billion-dollar market that is available to us.”

The day before Pereira made that statement, NXT-ID had stated that it had brought in an unidentified sum of money in order to give its Wocket production a boost. It has since experienced a near doubling of its share. The company, based in Connecticut, was founded in 2011. Last year, it did not report any revenue, but it did report a $1.54 million loss.

Since the unveiling of Apple Pay, mobile payments has been gaining a great deal more attention as both merchants and consumers, alike have been taking this transaction much more seriously. Both that service and Wocket, by NXT-ID will function on existing terminals found in stores across the country.