BRIEF: The Latest in Biometric Banking and Payments

The biometrics industry as a whole has enjoyed considerable growth in recent years, and not least in the financial services sector. More and more banking and other financial transactions are being done online, and fraudsters have followed suit, launching ever-more sophisticated attacks. As the risk of digital fraud and theft has escalated, many organizations have looked for solutions in the form of biometric security. These kinds of solutions also happen to be way more convenient for end users, who appreciate being able to replace a complicated password with a fingerprint or face scan.

With these factors in play, the rise of biometric FinTech has only become more pronounced in recent years and months. Here are some of the latest trends in the ongoing ascent of biometric banking and payments:

The rise of mobile payments means the rise of biometric authorization:

Another ‘Big Five’ Canadian Bank Lends Samsung Pay Support

Apple Pay Expands European, Digital Banking Presence

Biometric authentication is also coming to physical payment cards:

Mastercard and National Bank of Kuwait to Lead First Biometric Payment Card Trial in the GCC

New Trial of Biometric Cards in Middle East Features IDEX Sensors

Mastercard Announces Remote Enrollment on Biometric Credit Cards

Biometric Cards to Help Drive Continuing Ascent of Fingerprint Sensor Market: Report

And biometrics are increasingly being used for account access, even replacing debit cards at the ATM:

Aadhaar-Linked Biometric ATMs Enable Card-Free Transactions

HSBC Leverages Face ID For Corporate Account User Authentication

Daon’s Digi-Sign Collaboration Leads to Successful Hong Kong Bank Deployment