Mastercard said all consumers will be able to use biometric identification when they shop and pay by April of next year; banks offering Mastercard branded cards will have to have biometrics alongside the typical PIN and password; the company cited consumers preference for this type of authentication and new regulations like PSD2 in Europe; Mark Barnett, president, Mastercard UK and Ireland, tells Banking Technology: “It will make the purchase much smoother, and instead of having to remember passwords to authenticate, shoppers will have the chance to use a fingerprint or a picture of themselves.” Source.
Lend Academy explores how biometrics technology is going to change the finance world, cutting down on cyber-hacks and data breaches; discusses thumb prints, voice interaction/ authentication, iris scanning and now face recognition with the new iPhone X; one technology with a lot of potential is behavioral biometrics; while we are still early there are still many interesting things happening in this space and it is an area to keep an eye on. Source
Amazon is currently in the early stages of building a new checkout terminal for coffee shops, fast-food restaurants and other...
China Merchants Bank is exploring biometric solutions for client identification; it has launched face recognition at ATMs as an option for identification; the bank has 1,000 ATMs in 106 cities and plans to offer face recognition at all of its Shanghai ATMs by the end of 2017. Source
The United States Automobile Association (USAA) was created to provide financial services for Americans serving in the military; the Association has seen significant adoption of biometric authentication which it first introduced for members in 2015; the USAA is currently reporting two million of its five million mobile app users opting for mobile account sign in using fingerprint, facial or voice recognition; the Association is actively integrating new biometric solutions and working with new providers. Source
Bank of America has struck a partnership with Samsung to start a pilot program that will allow Bank of America customers to login using a picture of their eye; the program will start with a group of 1,500 Samsung and Bank of America employees who will test the authentication for six months; according to a past report by American Banker, about half of Bank of America customers login to the mobile app using their fingerprint and the other half login with a username and password; according to Finovate, Samsung debuted this iris scanning technology at their Unpacked event in March and they claim it to be more secure than fingerprint scans. Source
Last week there was a call from 40 consumer advocacy groups that facial recognition technology should be banned, starting with...
French casino and hotel business, Groupe Partouche, has partnered with MeReal Biometrics for use of the company's smart cards; the smart cards from MeReal Biometrics are a featured product at the Web Summit this week; employees of Groupe Partouche will begin using the fingerprint identity cards in select locations and expansion is expected to more locations and guests if successful. Source
According to Hong Kong regulatory officials, two banks have applied to trial biometric technology under a recent fintech sandbox initiative; Hong Kong Monetary Authority Chief Executive Norman Chan notes that the companies want to use biometrics to authenticate securities trading; the fintech sandbox was launched in September; other banks are considering utilizing the sandbox for other areas such as blockchain and artificial intelligence. Source
The LendIt team is excited to return to China for our second annual Lang Di Fintech conference on July 15...