IDEX is dispelling some misconceptions about cryptocurrencies after doing the same for biometric payment cards and financial inclusion. In the first entry of the company’s latest blog series, IDEX Senior Vice President David Orme argues that biometric authentication is the next logical step for cryptocurrency expansion.
According to Orme, biometric technology solves one of the biggest challenges facing cryptocurrencies. While cryptocurrency wallets are quite secure, it can be difficult to access funds and many brick and mortar establishments still aren’t equipped to handle cryptocurrency transactions. That limits the interest of a general public that wants to exchange money for goods and services.
Fortunately, biometric payment cards (like those equipped with IDEX’s fingerprint scanners) allow for the seamless integration of cryptocurrency with existing payment practices.
“In many ways, the use of biometric scanners and modules for transactions involving cryptocurrencies is not any more complicated than the use of a credit card,” writes Orme. “With the simple press of a finger, the customer can have currency transferred from his or her cryptocurrency wallet to the establishment with no complications.”
That’s a crucial selling point for consumers. Cryptocurrency can sound intimidating, but with biometrics, the payment process will be strikingly similar to something most consumers will already be familiar with. Opening a cryptocurrency wallet can be just like getting a credit card. The only difference is the nature of the account the card is tied to.