Electronic banking, electronic payments, and biometric security are on the rise, according to a TechRadar article by Tobias Schreyer. With the caveat that Schreyer works for a company involved in all of these areas and therefore has a horse in the race, it’s pretty safe to say he’s right.
Schreyer predicts that the coming year will see “a major shift… from current favoured online payment methods like credit cards and PayPal, to a broader set of online and mobile payment methods.” With respect to mCommerce, he singles out Apple Pay as a major pioneer in pushing mCommerce forward, and indeed the service has proven popular and looks set to grow over the next year. With Apple having paved the way, mCommerce in general has demonstrated a strong growth trend in other market analyses.
Biometrics is also predicted to experience major growth; Schreyer notes that the major financial services institution Barclays is adopting voice recognition technology to protect and serve its customers. Looking at biometrics in retail environments, he cites recent survey results indicating that 49 percent of Europeans want to have the option to use biometric payment systems. Another recent survey has shown a demographic trend in which younger people favour the use of biometric technologies like fingerprint scanning for mobile payment authorization, and expect to be using it a lot in the near future.