More than just fingerprint payments: How will biometrics simplify your life?

Your fingerprints, your voice, your face, your palm pattern, and even the iris – all of which can be used for biometrics to verify identity through your own unique physical characteristics. For decades, we have seen the villains in 007 and the political celebrities in the blockbuster use these impressive "futuristic" methods, hoping to further consolidate control of the world, but today we use this "high Technology to buy coffee.

Majd Maksad, founder and CEO of Status Money, a personal finance website, said that many of us are using Apple Pay and Samsung Pay, both of which use fingerprint scanning to pay, while Mastercard uses facial recognition technology to achieve "Self-pay", this payment method will only become more and more common. But the future of biometrics is still very broad.

There is a lot of innovation in this area, and we can see that it is accelerating faster than it has been in the past 10 years or so.

Let's take a look at the future of the average consumer and how much biometrics will affect our daily lives.

Today, biometrics are everywhere

According to a survey by Visa, the vast majority (86%) are interested in using biometrics to verify their identity in order to make payments. Why? Because people don't like to use passwords. Mark Nelsen, senior vice president of risk products at Visa, explained that passwords are now more and more, people can't remember, but biometrics can simplify the process.

Currently, biometric technology is mainly used for mobile payments in online and in stores. In-store payment is also known as "contactless technology". You can use your fingerprint to unlock your phone and then make a payment. Nelsen explained that between the Flint and the Flint, you have been confirmed as the real director of the device, and your payment has been Securely sent to the merchant. Currently, more than one million stores in the United States have contactless technology.

When you are online, the process is almost the same, but you don't have to use a mobile phone, you can use facial recognition or fingerprints to verify your identity. In places such as Europe and Latin America, users may need to take a self-portrait to send a text message to confirm their identity. Nelsen explained that when you sign up somewhere (especially financial institutions such as banks), you may be asked to send your own photos, so that the business can confidently prove that you are you.

Those who own the iPhone X may have unlocked 1000 times, but did not think of Apple's facial recognition sensor "TrueDepth". This technology uses 30,000 infrared light to calculate the depth and angle of facial features. Nelsen said: "It uses mathematical equations to measure the distance from the eye to the lips to the ear. No matter what your hair looks like in a day, or if your weight is reduced or increased, these dimensions remain the same."

Of course, biometrics are not just for payment. Visitors to Disney World Park are already familiar with their bracelets, "MagicBands," and they play the role of tickets when you are at an amusement park. Jeff Taylor explains that he is the founder and manager of Digital Risk. Partner, the company provides quality control and compliance solutions. The flexible plastic wristband, combined with RFID chip technology, is also capable of working as a hotel room key.

Future biometrics will simplify our lives (not to mention they are really cool)

Maksad said that in the next decade, biometrics will see explosive growth in physical store growth, but there are still some barriers to entry. First, the value proposition of consumers is not clear - the speed of using credit cards is almost as fast as taking out a mobile phone at the speed of fingerprint payment. Second, retailers will have to install POS systems in all stores to read consumer phones, and this fixed-cost investment is not small, Maksad said.

He also said: "One of the motivations for merchants to do this may be to give users a better experience. For example, if Whole Foods has adopted this approach, the benefits are obvious, it can speed up the queuing, and then every hour. It can save 15 to 20 minutes. But there is still 5 to 10 years to promote this technology in a nationwide hypermarket."

Maksad said that intangible transactions are the "Holy Grail" pursued by merchants, and like Uber, embedded payments into services through bundled credit cards. "In the course of the entire transaction, you have never even considered the issue of payment, and the whole process is seamless." More and more businesses are starting to use this technology, such as the "Amazon Go" concept tested in Seattle earlier this year. shop. When shopping, customers only need to register with their Amazon app when they arrive, and then they can take what they want from the store without having to pay or pay.

A British supermarket called Co-op is also testing an app that allows customers to scan the items they want while shopping and pay immediately—again, without a cashier. Maksad said: "With these options, your ID verification will be executed in the background, you can choose the items you want, and everything will be fine."

Taylor said that the technology that tracks our movements, such as MagicBands in Disney Park, will also be an important part of future biometrics. Sports and behavior tracking technology will one day be able to advise our future on our past decisions to improve our lives. "Your tracking bracelet may send you an email telling you, 'Hey, the restaurant you wanted to go yesterday and waited for two hours is now only 10 minutes,'" Taylor said. In this way, we will live in a more customized world, and it will be easier to do everything by then, we will get customized recommendations, which may have been something we have never heard before."

Nelsen said that speech recognition is another area we have just touched. "Today, we have Alexa and Siri, but tomorrow you may use the iris scanner in the rearview mirror to confirm your identity and start your own car, then give the car a voice command on the way home, let it help you order Pizza. In the next 10 years, no matter where you are, when you want to shop, there will be some kind of biometrics to choose from."

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