Tech Alert: A Revolution in Payment Systems; Biometric Experts Talk about Apple Pay and Smart Wallets
New York, NY - Point Roberts, WA - October 22, 2014 (www.investorideas.com newswire) Investorideas.com (www.investorideas.com), a financial news source covering leading sectors including biometrics and mobile tech, issues follow-up commentary from biometric experts following the official launch of Apple Pay. Alan Goode of Goode Intelligence, Janice Kephart, founder of the Secure Identity and Biometrics Association (SIBA) and Gino Pereira, CEO of NXT-ID (NASDAQ: NXTD) a company introducing its own biometric smart wallet, talk about the controversial launch that is shaking up the payment industry.
Biometric expert Alan Goode of Goode Intelligence commented, "Apple Pay has the potential to kick-start the mobile payments market and Apple has created a solution that is convenient, smart and secure. By partnering with large parts of the payments ecosystem, Apple Pay could well succeed where other mobile payments solutions have faltered. I think the stand-out feature of Apple Pay is the use of fingerprint biometrics for authentication purposes and mirrors PayPal and Alipay in its adoption. Other news this week; with the partnership between biometric card vendor, Zwipe, and MasterCard we may well be at the beginning of a transformation for payment authentication, replacing PINs for higher-value contact card-based payments and facilitating increased amounts for purchases using contactless cards and NFC-equipped mobile devices."
Janice Kephart, founder of the Secure Identity and Biometrics Association (SIBA) said,
"Apple Pay's launch could be a revolution in payment systems, and make using physical credit cards obsolete. But there are barriers to overcome in perceptions about privacy, security and convenience. It also is operating in a relatively small playing field: consumers must own an iPhone 6 and 6 Plus (the only phones which have both a fingerprint sensor and NFC (near field communication) chips and merchants must have NFC readers (they need not 'sign-up' for Apple Pay however). While the fingerprint sensor is one of the core gateway tools between a successful approved purchase or not and is accepted in the market at this point, there is another issue that has nothing to do with biometrics: people are so weary of trumped-up security going awry and ending in personal identifiable information being hacked, many will likely stay in a wait-and-see mode at least for the foreseeable future.
That doesn't mean Apple Pay will fail. It simply means it may take a bit for it to catch on."
Gino Pereira, CEO of NXT-ID, Inc, (NASDAQ: NXTD), a company launching a biometric smart wallet separate from a smartphone remarked; "Apple Pay has the potential to do well within a certain sector of the payments market. The obvious qualification is that one has to have an iPhone 6, so that will take a little time to build critical mass. Merchant terminals also need some to convert to the new NFC technology and with 10 million of them in the US it will take some time. Also certain significant vendors will not participate in the Applepay program ; notably the MCX members; 7-Eleven, Inc.; Alon Brands; Best Buy Co., Inc.; CVS/pharmacy; Darden Restaurants; HMSHost; Hy-Vee, Inc.; Lowe's; Michaels Stores, Inc.; Publix Super Markets, Inc.; Sears Holdings; Shell Oil Products US; Sunoco, Inc.; Target Corp. and Wal-Mart Stores, Inc. These stores represent one trillion dollars of purchases so the payments market continues to be very fragmented with many vendors vying for market share."
There is no doubt that if Apple is entering the smart wallet market, the opportunity is significant and they want their share. For consumers and investors, the smart wallet race is on and the payment industry is undergoing rapid change and there will be multiple choices and ways to benefit from this revolution and evolution.
Original article September 12, 2014:
Read this release in full at http://www.investorideas.com/news/2014/technology/10221.asp
About Goode Intelligence: http://www.goodeintelligence.com
Goode Intelligence works in information security, mobile security, authentication and identity verification, biometrics, enterprise mobility and mobile commerce sectors.
About Secure Identity and Biometrics Association (SIBA): http://www.sibassoc.org
SIBA represents vendors, nonprofits, and research institutions dedicated to responsible use of innovations, including biometrics, that protect and secure identity.
About NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc.'s (NASDAQ:NXTD) innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers' mobile platforms led by the Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. www.wocketwallet.com
NXT-ID's wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification that has 22 licensed patents in the field of 3D facial recognition www.nxt-id.com, www.3d-id.net
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