Over the last few years, major changes have occurred in the payments space. As we move into a new decade, change is likely to continue. Payment patterns for 2020 appear to push the market in a far more consumer-centred direction, focusing on how payments can be made as simple and convenient as possible. With recent events, fear stirred by the pandemic and a looming recession has magnified this push towards a more consumer-centred approach.
Digital trends are underway. These prompt contactless behaviour in the name of economic survival and continued digital transformation.
Consumers have been using their fingerprints to unlock their smartphones for many years. These same fingerprints also allow for mobile banking transactions and mobile payments. Corporations, consumers and service providers all rely on fingerprints or other kinds of biometric identification tech to make payments much more effective, accurate and safe. Security via reinforced authentication also drives seamless online experiences.
Biometric authentication solves a very relevant problem that gets in the way of contactless payments. As one could imagine, the pandemic has brought fear to contact-based biometrics, such as fingerprint scanner. India's local authorities were also seen instructing businesses to stop the use of fingerprint-based biometric system to curb COVID-19. This trend has given a rise to requirements for contactless biometrics, such as facial and iris recognition.
Reliability, authenticity and trust are all concepts that are not as strong online as they are in ‘real life’. Biometrics revolve around stronger components that relate to self-identification. These can fortify systems, software and platforms, particularly those that involve financial details and other sensitive information prone to being affected by cybercrime.