Biometrics in the Payment Industry

"Almost Every Bank, Retailer, Payment Company Is Looking at How to Incorporate Biometrics Into Their Future" -- Peter O'Neill -- FindBiometrics - Seite 2

Video Clip: Biometric Identity & its Applications in Financial Services & Payments at Money 20/20 https://www.youtube.com/watch?v=_fcBGl_kWVw

Investorideas.com also talked to one of the exhibiting companies at Money 20/20 focusing on biometric security for the payment sector. Gino Pereira, CEO of NXT-ID shared how his company is taking a unique approach to payment technology. Unlike an Apple Pay, his company's Wocket® is separate from a phone. Since security concerns are a key inhibitor to mobile payment adoption, he feels he is on the right track.

They have also created dual authentication access with a combination of PIN and/or their voice recognition technology, VoiceMatch™.

Gino said, "All your information is stored in here - in this secure unit and as you select the items to pay, it programs one single card. In fact, it becomes a secure method by which you swipe and pay with the card of your choice. If you lose it, there is no identifying information on your card so nobody can take your credit card number. If you lose your Wocket®, all your information is stored securely so without the alpha numeric pin or voice biometrics to gain access, there is no way you can take over my Wocket. (www.wocketwallet.com)."

Video Clip: Gino Pereira, CEO of NXT-ID talks about Wocket:

https://www.youtube.com/watch?v=NHsKF663_t4

* Note there are some edits in this video due to background noises at Money 20/20 and part of the audio was re-recorded.

Peter O'Neill, President, FindBiometrics also noted in his introduction that since last year's panel, the biometrics and finance market has evolved significantly. "The world's most prominent mobile concerns have biometrically enabled M-payment platforms. Apple Pay, Samsung Pay, Android Pay, PayPal and Alipay - major payment networks, have integrated biometrics into their offerings and banks have embraced biometrics for phone, mobile and ATM banking."

Peter also said, "As data breaches continue to rise and as the password continues to prove totally ineffective and as the public yearns for a better, more convenient and secure way forward - almost every bank retailer and credit card company is looking at how to incorporate biometrics into their future."

About Money20/20 (http://www.money2020.com/)

As the industry's primetime conference and trade show, Money20/20 delivers the biggest scale, best audience and most engaging event. Money20/20 is the largest global event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. With 10,000+ attendees, including more than 1,000+ CEOs, from 3,000+ companies and 75 countries, expected at our 2015 U.S. event, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow money.