Smartphones are so widely used nowadays – 3.5B are in circulation in November 2020 – that we hardly believe they did not exist a few years ago. Unsurprisingly, consumers’ interactions with financial services have started to migrate to the mobile platform.
Smartphones have displaced desktop PCs for day-to-day banking, such as accessing online accounts, money transfers, P2P payments, and online payments.
Customers will soon sign up for more bank services via mobile devices, using online ID verification technologies, and expanding biometrics in banking. According to Forbes, digital account opening (DAO) is one of the most popular technology in banking for the third year in a row. Close to 80% of all banks and credit unions are adding new DAO systems or enhancing their existing ones in 2020.
So, what if I trust more my banking cards? For the foreseeable future – and very likely beyond the next decade – cards and mobile are likely to coexist and share various payment scenarios.
The best part? Shortly, innovations reserved for smartphones such as biometric authentication will show up in payment cards too.
9 pilots as of December 2020
Thales biometric payment cards have been widely deployed and tested in customer trials around the world. As of November 2020, pilots had been conducted in nine countries over 30 months, generating considerable positive feedback.
„More than 80% of the people who used it said they were satisfied with their experience of using a fingerprint for contactless transactions,” Thales said. They mainly appreciated the extra convenience.
Since 2018, pioneering banks in Cyprus, Italy, and Lebanon have rolled out their first contactless biometric payment card provided by Thales.
In 2019 and 2020, several banks in the UK, France, and Switzerland began customer trials and are preparing for commercial launches. „Major issuers plan the first significant deployments in Europe in the next quarters,” the company added.
For more details download the white paper developed by Thales: A new biometric payment technology: The case of the biometric banking card
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
