Mobile Commerce and the Emergence of Secure Payments
NFC and Biometrics: Managing Mobile Payments with Multi-Modal Biometric Security
With the recent advent of Apple Pay system and other mobile payment systems like ISIS/Softcard (might want to think about a name change) and Google Wallet, mobile commerce seems poised for mass adoption in 2015.
With NFC payment enablement via the Samsung handsets, and the advent of NFC based payment applications, secured mobile payments are no longer just a niche technology for early adopters or up-to-date techies.
Leave it to Apple to legitimize mobile payments and bring it out of the niche market and to the masses. Apple’s recent introduction of a fingerprint sensor, on their latest iPhone products, further secures the mobile for commerce. However, what about all those Android users? PayPal and Samsung recently introduced secure payments on the Galaxy S5 using the Galaxy’s fingerprint sensor.
Google Wallet, the Android equivalent to Apple Pay, was deployed three years ago; though its adoption rate is low. This may be due to concerns about security and the somewhat cumbersome method of payment processing used by Google phones. There are many more Android phones on the market besides Samsung. The other Android phones on market have yet to support NFC for payment.
While the fingerprint sensor in the latest Apple phones can work with mobile transactions, most of the information on mobile payments focused little on secure processing of transactions. That was until recently. With the massive security breaches at Target, and countless other companies, the general public is now more concerned about security of ALL payments. Secured mobile payments using biometrics has only recently evolved and entered the mainstream, largely due to the introduction of fingerprint sensors on phones.
Mobile payment technology is very easy for retailers to implement and users to understand.
The introduction of fingerprint biometrics on both Apple products and Samsung handsets/tablets has made the idea of mobile payments more attractive. Apple Pay is just now beginning to see usage in mainstream retail establishments. Mobile payment technology is very easy for retailers to implement and users to understand. It's more secure than a credit card, because your information isn't stored on your phone. Fingerprints are unique so there’s no way something can be learned or borrowed to steal your funds or fraudulently process payments. People want a secure solution but they also want ease-of-use.
Mobile biometrics are not limited to fingerprints for verification. Voice, face, and even the veins of the eye, are being used to authenticate users on their mobile devices. These biometric modalities can be used to simply unlock your phone, secure and authorize mobile payments/banking transactions, view personal medical records, and even for access control.
Many users don’t like the intrusive nature of fingerprint biometrics, nor the need to touch a surface other users may have touched. Face and voice are non-intrusive methods of biometric verification and EyeVerify has recently introduced eye vein verification as another form of a device-compatible, contact-less, biometric.
IWS GoVerifyID™ provides multi-modal biometric verification to bring security to mobile payments without the need to consider bank, card type, or location.
Multi-modal verification, using several types of biometrics, often together with a password OR biometrically enabled card, provides even further security.
IWS GoVerifyID™ provides multi-modal biometric verification to bring security to mobile payments without the need to consider bank, card type, or location. GoVerifyID uses both face & voice biometrics to validate and secure mobile payments, bank transactions, and remote payment routing.