Could Visa Take Biometric Authentication into Mainstream Banking?

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An interesting development in the adoption of biometric authentication this week with the news that Visa has launched a platform that will enable banks and their technology partners to build biometric solutions into their products.

Visa has teamed up with an identity solutions provider to create the new Visa ID intelligence platform.

The service forms part of the Visa Developer Platform, which gives developers access to a host of third-party authentication technologies that work with Visa APIs.

The new platform will empower banks to take advantage of biometric security modals, including face, voice and fingerprint recognition, and embed them into their own services and products.

This is a powerful move towards taking biometric authentication mainstream in banking and financial services.

Visa acknowledges convenience as a driver for this innovation. Mark Nelsen, senior vice president of risk and authentication products at Visa, said:

Traditional methods for authenticating a customer can create frustration or are simply not designed for the new ways people are shopping and paying.

Visa ID Intelligence brings together innovative, secure authentication solutions that can scale to the needs of the payments industry.

Security concerns will undoubtedly be raised. Passwords and PINs can be reset, whereas biometric tokens, if compromised, are more problematic. However, consumer demand for connected services continues to grow.

Recent research by Mastercard and Oxford University revealed a healthy consumer appetite for biometric authentication, with 93% of consumers willing to adopt it.

Ultimately, the value of perception and convenience is still likely to drive biometric authentication adoption in banking, and beyond.

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