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 global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.
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