Are passwords about to become obsolete?
Emerging technologies in biometrics are helping financial institutions and merchants free consumers from entering cumbersome passwords and PINs — a big focus at the Money20/20 conference in Las Vegas.
Acuity Market Intelligence projects that the global market for biometrics will surge to more than $117 billion by 2020. It's that kind of opportunity that's got some of the biggest names in finance, telecoms and technology excited about fintech.
MasterCard showed off its Identity Check — aka "Selfie Pay" app — that lets users verify their identity with their bank by snapping a selfie, saying a phrase or using a fingerprint. The company piloted the software with Mountain View, California-based First Tech Credit Union and Dutch bank ABN Amro in August — and plans to license it to U.S. customers by mid-2016 and internationally by 2017.
"I personally hate passwords," said Bob Reany, MasterCard's senior vice president for identity solutions. "We're making it better for consumers and safer at the same time. That's really the big change."