Mobile ID Industry News Roundup: Mobile Banking Versus Mobile Payments

This week in mobile ID news we saw vital biometrics and wearable tech combine to offer persistent authentication, a new Apple iPhone 6 rumor, reports on the Asia-Pacific mCommerce market and a new next gen payment system from Visa.

We started the week with the announcement from Visa regarding the launch of its new payment service designed to streamline the online buying experience, Visa Checkout. The service was announced on the heels of a blog authored by Jonathan Vaux, Visa’s director of new payment propositions, calling for development of new standards, processes and capabilities aimed at enabling next generation commerce.

Device agnostic, Visa Checkout allows online and mobile shoppers to forgo the inconvenience of entering and reentering credit card information when making purchases on trusted sites.

On the topic of the convenience of next generation payments, Mobile ID World published the firt part of an interview with BIO-key’s VP of corporate development Jay Meier. The conversation sheds light on what Meier calls a nascent industry, outlining the major differences between mobile payments and mobile banking, how biometrics fit into the equation and the major obstacles facing mobile commerce.

According to Frost & Sullivan, an imbalance between the proliferation of mobile devices and an underserved population in terms of financial services is leading to growth in Asian mCommerce. The firm released new analysis this week regarding the Asia-Pacific mobile commerce market, projecting a healthy rate of growth over the medium term. The market earned USD 76.17 billion in 2013 and Frost & Sullivan expects that figure to grow to USD 157.26 billion in 2017.

Moving away from the financial market news, a new rumor surfaced this week in regards to the Apple iPhone 6. A source in the supply chain allegedly told Taiwanese publication DigiTimes that in order to prevent a situation in which it has two competing smartphone models it will be staggering the release of the two rumored smartphones expected to be announced this September.

Finally, the FIDO Alliance found a new member this week, one that offers an exciting new application for vital biometrics. Bionym, a consumer electronics company focused on biometrics and strong authentication, joined FIDO in hopes to expand the reach of its Nymi wristband, which uses cardiac rhythm recognition and proximity factors to authenticate users.

Stay posted to Mobile ID World this coming week as we once again join our sister site, findBIOMETRICS, in preparing for Biometrics UnPlugged with the Road2BUP summer event coverage. Be sure to follow us on Twitter so you don’t miss a beat.