What we once thought as a frivolous waste of time has become a source of technology. I am talking about Selfies. Banks have realised this selfie mania and are providing a selfie feature for account opening and terming it as selfie accounts.
Technology is developing rapidly in payments space and biometric authentication is evolving day by day. Fingerprint, retina scans and selfi pay have started becoming a part of this payment world. According to Juniper research payment authentication by bio-metrics will rise to approximately $2 billion in the year 2017, up from $600 million in 2016.
Some big players like Mastercard and square have already started testing advanced biometrics for payments. Square uses face recognition to automatically execute payments in coffee shops. Visa in Brazil lets consumers use selfies to confirm their identities for online purchases. Union Bank of Philippines allows customers to log in with a selfie.
While the selfi mania has found new ways to stay alive the question is how safe is this, which only time will tell.
-by Vincent Panangadon
Vincent is a marketer, payments specialist, entrepreneur, blogger, trekker and a student of life. His blogs can be reached here: https://talkingbots.wordpress.com/ and https://marketingthatpays.wordpress.com/