How will consumers use biometrics for payments in the future? With the advance of face, finger, and voice identification, biometric technologies will be integrated with IoT devices to provide a better customer payment experience.
This was the message from the NextGen Mobile Payments panel at Bank Innovation 2018, where payment experts like Ashish Tajpuria, senior vice president and head of emerging payments and commerce partnerships for Bank of America, noted that “the Amazon Go store is the perfect example” of what biometrics is capable of regarding payments.
However, to move the technology forward, banks and others in the financial services have some work to do, according to fellow panelist Mike Panzarella, chief design officer for Green Dot.
“I think biometrics is very simple right now — face or fingerprint — but as we move to more specific things like voice, I think there’s an industry issue around chargebacks and efficacy of the purchase, and I know that’s yet to be solved,” Panzarella said.
Others on the panel, like FitPay President Michael Orlando, pointed to the rise of technologies like artificial intelligence, which will be integral to the advance of biometric technologies in payments.