Technology Alert; Biometric Experts Comment on Launch of
Apple Pay Smart Wallet Payment Service
New York, NY - Point Roberts, WA – September
12, 2014 - Investorideas.com (www.investorideas.com)
a global news source covering leading sectors including biometrics and mobile
tech , issues commentary from analysts and experts on the September 9th launch of Apple Pay,
its new payment service . Alan Goode of Goode Intelligence, Janice Kephart, founder of the Secure Identity and
Biometrics Association (SIBA) and CEO Gino Pereira of NXT-ID, Inc, (Nasdaq: NXTD) a company that is introducing its own biometric
smart wallet that is separate from a smartphone.
Alan Goode of Goode Intelligence, a well-
known expert in biometrics noted, “Although not a revolutionary announcement from Apple, the introduction
of Apple Pay using Touch ID for biometrically authenticated payments is a huge
step towards the widespread adoption of mobile payments. Following on from the
decision by PayPal and Alipay to both offer mobile payments to be authorised by
fingerprint biometrics on the latest Samsung devices this is an indication that
payments is a big driver for the adoption of consumer biometric
authentication.”
Janice Kephart,
founder of the Secure Identity and Biometrics Association (SIBA) talked about
the future of biometrics and Apple’s role “I
think the easiest applications to predict having the biggest impact are the
ones that are designed to be purely personal, voluntary, and would have little
to no value to government, such as the Apple Watch which creates a highly
unique fitness profile using biometric readings that actually informs people
beyond what any fitness training apps do today. That is an innovation to move a
biometric acceptance to a whole new level.”
She went on to say, “Much more tricky for
Apple to launch is Apple Pay, which no matter how described, means that our
phones are interfacing personal biometrics involuntary with an unknown web of
payment systems, credit cards and retailers. It is that connectivity between
personal biometrics and the outside world that is uncontrolled beyond -
literally - our fingertips, that will continue to draw a dubious reaction from
folks. Assuring people about who can access that biometric and payment
information via their phones, and who cannot, is the learning curve Apple must
overcome. Whether the public is ready or not remains to be seen. But no matter
what, that acceptance will likely have less to do with the biometric features
than with overall concerns about payment security and privacy.”
Frost & Sullivan reported today that “the
biometric revenue from smart phones is expected to increase from $53.6 million
in 2313 to $396.2 million in 2019, at a compound annual growth rate of 39.6 percent.”
"Due to existing hardware capabilities
across devices, most of the growth is expected from facial and voice
authentication technologies," said Frost & Sullivan ICT Global
Programme Director Jean-Noel Georges. "While the uptake of biometric
technologies will get a boost from the proliferation of new devices with
fingerprint authentication capability, their acceptance will be tepid until the market develops more
sophisticated and accurate authentication software."
NXT-ID, Inc is
launching a biometrically secure smart wallet called the Wocket that is
separate from a consumer’s smartphone that includes voice biometrics and a
multiple security approach. The company
announced yesterday that it began trading on the NASDAQ.
CEO Gino Pereira of
NXT-ID, Inc said,” I think that the NFC solution offered by Apple will bring a
wider acceptance of touchless payment technology. However the challenge is not
be underestimated. Companies such as Google and SoftCard (formerly Isis) have
been trying to implement NFC technology for several years and as recently as a
year ago some pundits had written off the technology in favour of a cloud based
solution. The payment industry is undergoing a revolution, just as the
entertainment industry has over the last decade. At the heart of the matter, customers
want to have the most convenient payment experience, which should also be as
secure as possible. This experience can be delivered in many forms: a
smartphone, a smart watch or our very own Wocket smart wallet! Security needs
to address not only access through biometrics but also protection of the data
through tokenization or encryption.
Read this release in full at http://www.investorideas.com/CO/NXT/news/2014/09121.asp
Goode Intelligence providing independent
insight that has a major influence on the market
Goode Intelligence is an independent research
and consultancy company that provides quality advice to global decision makers
in business and technology.
Goode Intelligence works in information
security, mobile security, authentication and identity verification,
biometrics, enterprise mobility and mobile commerce sectors.
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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