Smart folks like Jack Dorsey of Twitter have been talking about and removing friction for the best part of 10-15 years. It’s not a new concept, but in many ways the technology is finally catching up in order for us to make things happen under the bonnet (OK – no more car analogies).
The accepted norm for payment authentication has been some sort of user name and password or PIN. It’s a great place to start to develop future propositions. But this doesn’t make mobile or devices any more secure. No real advantage. And having a contactless card or device that can be used with a bump, tap, pass or wave; doesn’t set minds at ease.
Device manufacturers and electronics manufacturers have an awful lot of skin in the game to set this new standard, alongside the players that manage the market infrastructure. There are a number of developments underway in Biometric security. Things like Facial Recognition, Fingerprint, Ear scanning and Heart Rhythm. Capability that could make payment security into a “subconsciously competent” factor. And of course, this technology could quickly extend into daily life (transport networks, biometric security “keys” to name but two) and come in many forms.
Right now we have to try to identify ourselves to IT networks, including payment networks. That probably won’t always be the case.