Our use of Biometrics is booming
Bottom Line: I’m in. I’m a fan. Fingerprints, sure. Facial ID, even better. Cyber insecurity is at an all-time high but abuse from devices like skimmers at gas stations and your run-of-the-mill stolen credit card numbers, etc., remain threats and headaches as well. As I’ve mentioned with facial recognition software previously when discussing law enforcement’s use. Is it possible for abuse? Yes. But then again if we must worry about abuse by law enforcement, we’re going to have bigger problems no matter what. In that instance the technology is being made the boggy man when it’s really a way to take an anti-police stance.
I mention this because biometrics, in my considered opinion, is the best use of secure technology we have cheaply and readily available for everyday life right now. For example, there’s no more secure method to pay for gas than to use biometrics to unlock your phone and to use your digital wallet which uses encryption to pay for your gas. That’s more secure than even paying with cash (and far more convenient). And if you’re a fan – good news, we’re about to enter the biometric boom. If you’re not, it’s only a matter of time before you’ll be using it too. Just as you made the move to a smart phone and streaming at least some content – this will be something you’ll be doing too within the next five years. Here’s why...
For manufactures and companies using biometrics right now – it's working. Only 33% of smartphones in use right now make use of biometrics. That number is estimated to grow to 80% by 2024. At that point – it's game on for everyone. Where smart wallet adaptation has been slow by some retailers, that too will and already is changing. It’s not just about offering a more secure payment method for customers and the businesses themselves. It’s been proven by IT Intelligence Markets, that biometrics is working like the credit card industry 2.0. Just as consumers are likely to spend more with a credit card than cash. Consumers using biometrics are spending even more than when they use credit cards. It’s plenty of incentive for businesses. And from where I sit – it's a win-win.