NuWeb: The Future is Biometric

January 17, 2024

According to  NuWeb, a global white-label infrastructure firm for payments, the future of Point-of-sales payments lies in biometric security features.

In a recent interview by Payments Cards and Mobile, the Managing Director of NuWeb, Jose San Miguel, affirmed he expects the popularity of features such as contactless mobile payments and digital payments to continue growing along with data security concerns, concerns that are based on data from JP Morgan and the Association of Finance Professionals, showing mobile fraud has rose by 10% in 2023, a record.  

This brings us to wearable tech: according to NuWeb, the logical path lies on biometric security embedded in wearable tech, similar to Apple Watch or Fitbit, confirmed with “retinal scan or biometric fingerprint.”

(…) Interestingly, all of the technology elements of such a solution already exist, in the shape of Apple Pay by watch, Garmin Pay and more – not to mention biometric security for both wallet and card payments at contactless terminals thanks to players such as Fingerprint and Tietoevry.

Another point made for wearable payments is their ability to combine other functions with payments, such as tokenized ticketing for certain events: a technology already available as a pilot, courtesy of FinGoPay, which makes use of biometric fingerprinting to pay or store event tickets without the need for a card or a device to read that card. 

Digital currencies were also discussed, with NuWeb forecasting “big things” for these currencies, which have been around for more than 10 years, with a relatively slow rate due to security concerns and lack of regulation, but as they become more stable and secure, the adoption rate might increase exponentially. 

The idea of wearable tech capable of biometric payments is certainly not new, and it brings with it certain security concerns. However, as technology advances and fintechs continue to allocate resources to make payments faster and safer, we are excited for the possibilities the near and far future brings. 

Want to learn more? Check out Payments Cards and Mobile’s full write-up here.

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