Stay connected
Subscribe to our Inside WEX blog and follow us on social media for the insider view on everything WEX, from payments innovation to what it means to be a WEXer.
"*" indicates required fields
Payments industry experts say that for the digital economy to continue growing, consumers need to buy-in. But isn’t that the case for every tech innovation success story? People need to use the technology and, ultimately, change their behavior at the register. They’ll adopt mobile payments if they—and as they—experience their value. And that means more convenient and secure transactions. And so it goes: the race is on to make mobile payments just that.
Based on the newest solutions in the marketplace, the path to user-friendly security seems to involve multiple layers of authentication to verify the identity of the card user and approve payments at the point of sale. Aside from traditional PINs, which can be forgotten or stolen, what verification method makes the most sense? PaymentsSource’s Experts in Mobile, Wearables and Open Development Will Win in 2016 says those employing biometrics. After fingerprint scanning, which became popular with Apple, facial recognition just might be the “next big thing” in the word of cashless payments.
Read more in The Rise of Biometrics in Healthcare, Finance, and Payments.
If a person is willing to prove their identity with their fingerprint—then how about their face? That’s the question on the minds of leaders in the payments tech space, who are developing facial recognition solutions to see if consumers will see beyond their “face value.” Here’s a peek at a few of the innovations being tested and/or rolled out:
Winners in facial recognition tech will have to achieve the right balance of security and ease of use—and the verdict is still out as to what payment verification process customers will prefer. Some combination of PINs, fingerprints, facial scans, or even the card user’s voice will prove to have what it takes to bring people to the cash-less register time and time again.
Subscribe to our Inside WEX blog and follow us on social media for the insider view on everything WEX, from payments innovation to what it means to be a WEXer.
"*" indicates required fields