Biometrics Payments: Where Are We Headed?

 

Biometrics today, such as fingerprint readers and facial recognition, are making the payment experience more secure and seamless for consumers. Biometrics have been widely used in other industries including law enforcement, healthcare and voter registration for several years. In the past, authenticating a person came only in the form of either something you have (a key, a badge) or something you know (a PIN, a password). A password is more difficult to steal than a physical object, but it can still be done. Biometrics today also verify identity based on characteristics unique to the person which cannot be stolen or replicated (for the most part).

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Consumers are Spending More Often with Mobile Wallets

 

A recent study conducted by The University of Illinois found that on average, after adopting mobile wallets, the total transaction amount increased by 2.4 percent and that the total transaction frequency increased by more than 23 percent. What that means is that consumers are buying low-cost items more frequently when they opt for mobile wallets. It’s not surprising since prior research has shown that people spend more when using credit cards as opposed to cash. In fact, contactless payments are predicted to drive global card spend to $45 trillion by 2023.

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Mobile Wallet Adoption Among Students on the Rise, Are Businesses Listening?

It seems like we’re doing everything on our smartphones today—from reading the news and taking high-quality photos, to ordering and paying for food ahead of time. Businesses need to be ready to accommodate this ongoing transformation by adopting new payment acceptance technologies, such as mobile wallets, an additional capability of NFC contactless technology. Consumers are already asking for it—this holiday season, 30% of consumers plan to use smart payment methods while shopping in store: 24% by smartphone and 16% by wearable (e.g. Apple Watch). To add, younger generations are starting to use their smartphones for things like storing their university ID and paying for extracurricular activities through an app. By being prepared to accept NFC contactless payments and allowing customers to pay how they want to pay, businesses can be at the cutting edge of technology, especially as these students will come to expect it.  

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The Evolution of Payments: From Expense to Business Tool

Payment acceptance for the longest time was thought to be a necessary business expense. But over the last decade, a few significant changes have transformed the definition of “payments” in the industry. One of the changes that acted as a catalyst in this transformation is the improved efficiency in carrying out electronic transactions. Combined with the advancement in technology over the last two decades, innovative solutions have become easily available in the market for all merchants (big or small) looking to improve efficiency and enhance their customers’ experience.

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2020: The Future of Contactless Payments in the U.S.

TechCrunch recently published an article citing a new Juniper research discussing the state of contactless transactions globally. According to the new forecast, in-store contactless payments will reach $2 trillion by the year 2020. In addition, the mobile contactless payment market will be dominated by Apple to the extent that one in every two contactless transactions, consumers will use Apple Pay to buy. That got me thinking if we can expect to see similar results in the U.S.

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