mPayment has become a convenient way to complete transactions, anytime and anywhere. Being able to pay using the mobile phone and not needing to memorize long number combinations make it a rather practical way to meet banking needs. Although the system is new, completing transactions using biometric data is set to rise in the coming years.
Today, there is Samsung Pay, and there's also Apple Pay using the biometric data for transactions. According to a study done by Juniper Research, there are currently a little less than 130 million transactions authenticated with biometric data this year. The number is poised to increase to five billion in the next four years. The report has pointed out that the convenience of the fingerprint scanner makes it a likely "primary mechanism for transaction authentication."
A report has dubbed 2014 as the "Watershed Year" for fingerprint sensors on mobile. The report from Research and Markets said that the sensors are becoming increasingly integrated in mobile phones and tablets because of the influence of Apple Pay and Touch ID. From the findings, it can be expected that more than half of all smartphones will have a fingerprint sensor by 2019.
As mobile devices are integrating fingerprint scanners as additional features, it's not only the flagship phones that are equipped with the technology. Even mid-range phones have followed up with the feature. While biometric transactions are practical, convenient and reliable, there's also the risk of hacks. Biometric data are unchangeable, unlike how passwords are.
Juniper researchers noted that hacks may make the data "irretrievably compromised." The company suggests tokenization as an option. Other companies such as Japan's Fujitsu are also finding ways to better encrypt biometric data. This is to lessen the risk of them being intercepted and captured. Tokenization is already used by Android Pay, which does not require fingerprint authentication.
