Intensifying and continuing consumer dissatisfaction with passwords is one of the reasons this may be happening. With biometrics looking forward to an estimated $117 billion by 2020 its no wonder the biggest names in technology have their eyes wide open for new ways of buying, selling and banking securely online. No more dealing with passwords and pin numbers could become the new reality.

MasterCard is taking the first step in biometrics and aggressively investing in this new technology. With so many passwords being sold off on the web by hackers and countless accounts being hacked through means of weak passwords and human error biometrics could be the solution.

MasterCard now has a “Selfie Pay” app, which currently has a pilot program. It will allow consumers to simply take their own picture and use this with a special phrase or fingerprint. The software created by Mountain View, First Tech Credit Union based in California and Dutch Bank ABN Amro last August. Plans for licensing in the U.S. for consumers should begin mid-2016 and worldwide 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."
Other large companies such as Wells Fargo and Sprint have their eyes on a start up company called EyeVerify, which uses a camera or smart phone to scan the blood vessels in the eyes, which is a unique personal fingerprint for every person.
"What's unique is you can just use your phone. Its just software and that makes it particularly attractive to banks," said Chris Barnett, vice president of global sales and marketing at EyeVerify.

SOURCE: CNBC


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Gaithersburg, MD, USA