Samsung Aims to Enable IoT ‘Payment Ecosystem’ with Iris Biometrics

Samsung has big plans for its iris recognition technology, suggests a new promotional video from the company.

Samsung Aims to Enable IoT 'Payment Ecosystem' with Iris BiometricsWhile Samsung has certainly made a splash by incorporating iris scanning technology into its newest flagship smartphones, it hasn’t yet outlined what specifically it will be used for beyond unlocking one’s device. There had, of course, been speculation that it will be used for confirmation of Samsung Pay transactions, given that such functionality was being promoted for the abandoned Samsung Galaxy Note7 smartphone. But it now appears that Samsung’s ambitions are even more wide-ranging.

The company’s new promotional video asserts that iris recognition is expected to have a growing role to play in a range of applications, from hospitals to immigration processing. But the major focus of the video, in terms of applications, is FinTech, with Samsung noting that iris scanning could be used to confirm P2P money transfers, stock trading, and mobile payments in general. The company projects that the number of consumers using biometrics for FinTech applications will rise from an estimated 120 million in 2015 to 1.1 billion in 2020.

What’s Samsung’s role in all this? “As a leader in the Internet of Things, Samsung is looking to establish a payment ecosystem in the world of connected devices,” the video concludes, adding, “It will be accurate, safe, and easy to access”. That suggests a major role for Samsung Pay, the company’s evolving mPayment platform, and a continued focus on iris biometrics as Samsung seeks to establish itself as a pioneer of the technology.