Vince Graziani, CEO of IDEX Biometrics ASA discusses with Douglas Blakey and Evie Rusman the prospects for the cards and payments sector in 2021
How will biometric technology change in 2021?
With 2020 drawing to a close and as thoughts turn to the year ahead, the biggest question over biometric payment card technology for the coming year is: how will biometric technology change in 2021?
At IDEX Biometrics, we’re seeing the potential for a lot of growth in the biometric payment card especially with the use of biometrics for identification already firmly incorporated into our everyday lives.
From passing through passport control, to accessing corporate systems, or even unlocking our phone, we are increasingly using our physical identity as a means of authentication.
Now that consumers are familiar with the technology, we see the potential for a lot of growth in the biometric payment card and access control markets – thanks to increasing consumer demands for fast, secure and touch-free payments and access.
2021 forecasts IDEX: biometric smart cards use to soar
Biometric smart cards will become increasingly necessary to combat payment fraud, offering a secure solution. We hope to see the widespread deployment and adoption of these cards.
Payment networks, card issuers and smart card providers should now adopt biometric payment cards on a global scale. This year has seen a significant rise in the adoption of touch-free payments.
The limit for contactless payments has risen around the world in response to the Covid-19 outbreak, reaching £45 in the UK, €50 in all EU countries and even up to $250 in Canada.
However, with banks increasing contactless limits, they are exposed to greater fraud.
Retailers are looking for a solution which reduces the risk of fraud whilst also providing a touch-free payment experience for their consumers. The biometric payment card is the ideal solution.
Biometric cards are also multi-purpose, capable of holding passports and driver’s licenses, even library cards and travel passes, while holding your payment details all in one place. This brings a rule of trust for digital identity.