Pay-by-Print: Coming Soon to Your PC
9-26-2016
In the latest collaboration between payments companies and technology companies, ETA members Intel and PayPal are partnering with Lenovo and Synaptics to replace the need for on-line passwords with fingerprint identification. This biometric payments security feature, until now employed primarily on mobile devices, will increase ease of commerce when shopping on-line via PC, while simultaneously advancing security.
ACI Worldwide estimates that last year, on-line fraud attempts by volume increased as much as 30% throughout2014, and that fraud attempts by value have increased 33% in2014. Biometrics make check-out convenient for the consumer, and can significantly reduce fraud.
PayPal’s Vice President of Identity Product and Engineering Bill Scott is quoted as saying, “In an ongoing effort to enhance security in the financial services industry, we are working with Intel and Lenovo on a FIDO authentication solution which enables biometric authentication for Personal Computers. Security has always been a priority for PayPal, and we are committed to offering our customers secure, password-less authentication options leveraging FIDO standards.”
As previously spotlighted in Transaction Trends, biometric verification has a bright future in payments, with adoption rates expected to accelerate by 103% by 2020
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
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