Sunday, 27 January 2008

Future of Payments your fingertips?

In a recently conducted informal research at Glenbrook on payment preferences, the findings were quite unexpected........The most popular option followed by cash was fingerprint, then contactless. Mobile based payments seemed rather distant


This does pose an interesting perspective and question....where lies the future of retail payments?

In an earlier post, I had highlighted the opportunity presented by biometrics in enhancing security and ease of transactions. In discussions I've had with industry professionals, this has largely met with a "not sure" response. Would the storage of biometric information by banks and financial institutions be considered an extreme intrusion of the customer's privacy, and would urban customers accept this? ...Your views?

1 comment:

Nabarun said...

I do not think that biometric data storage can be considered an intrusion of customer's privacy till the time the piece of digitised data is treated at same level with all other pieces of cusotmer information being already available with the bank(date of birth, address, mother's maiden name, etc.). This piece of data is as "safe" or "unsafe" as all other information is..but with improved standards of encryption, data managament and storage, the positive advantages of biometrics will take precedence over other deterring factors as it introduces a stronger value proposition of "customer convenience"..but yes the worry will be stronger about one losing the wallet vs losing the finger(s)..:)