SecurityWorldMarket

09/10/2018

Biometrics will be at the forefront of contactless payments

Oslo, Norway and London, UK

An article on the Future of Payments Report, an annual report, issued and organised by Raconteur, and published in the Times and the Sunday Times in the UK recently, featured Zwipe the biometric technology company from Oslo, Norway It highlighted the findings that biometrics will be at the heart of the global contactless push.

The feature article, entitled, "Biometrics will be at the heart of the global contactless push", focuses on the link between strong consumer authentication and the ever increasing demand for convenience.

Highlights discussed in the feature include the subject of contactless adoption, which has lagged in markets outside the UK, and has become a core part of card and bank strategies that attempt to improve the purchase process. An A.T. Kearny report forecasts US banks alone could generate 2 Billion USD in extra earnings over five years by adopting contactless technology

According to Edgar, Dunn & Company- Advanced Payments Model 2018 the forecasted number of contactless/dual-interface cards in circulation worldwide will grow from 2.4 billion in 2018 to 14.7 billion in 2027.

And, according to analysis undertaken by Edgar, Dunn & Company, the total available or addressable global market opportunity for biometric cards is projected to be around a billion cards by 2023-24

The feature argues that the easier it is for consumers to pay, the more likely they will complete their purchases. Biometric payment cards with fingerprint recognition allow what was previously impossible – cards that are ultra quick to use, yet have powerful security. Biometric technology applications will certainly help expand the scope and reach of contactless payment functionality across multiple devices and platforms.


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