MeReal Biometrics, together with XNotes Alliance, a Hong Kong fintech services group, have published a white paper on Blockchain for Financial Inclusion, explaining how the combination of MeReal’s smart card and XNotes’s transaction network could deliver peer to peer and remittance solutions and address the security issues encountered by the financial industry on the identification and authentication of their clients.
Excerpt: Biometrics involves the use of biological characteristics for identification and authentication. The characteristics involved may be physical (fingerprinting, facial recognition, irises, vein patterns, etc.), behavioural (voice recognition, signature gestures, keystroke dynamics, etc.), or both.
The integration of biometrics, particularly fingerprinting, into financial services has recently started to become a promising trend towards solutions that can address the security issues encountered by the financial industry on identification and authentication of their clients. After all, the fingerprint is a person’s most unique biological identifier as there are no two people who can have the exact same fingerprint pattern.
Much of the developments in the applications of biometrics is driven by the rise of many highly advanced hardware technologies, specifically more sophisticated sensors and scanners, which are integrated into smartphones, wearables, and other innovative devices.
According to Goode Intelligence, 350 million customers used biometrics for payments during 2015. Here are some of its key forecasts in the biometrics space by 2020:
- 1 billion users of biometrics for financial services.
- Over $5.6 trillion of payments secured by biometrics.
- Over 622 million downloads for banking apps that employ biometrics for customer authentication and transaction verification.
- Nearly 160 million wearable devices that support biometrics for banking.
A fingerprint card unlocks access to highly secured financial services for the unbanked and underserved. The card can be used it anywhere, anytime, anyplace online and offline.