Google Pay reveals biometric authentication feature for money transfers

30 octombrie 2019

Google Pay has announced that starting with version 2.100, it is adding support for fingerprints and face authentication for money transfers.

Google Pay is a platform for making payments with the smartphone, without the need to deal with multiple cards every time one places an order or transfers money. The reasons for adding support for biometrics is that the platform was lacking proper biometric authentication for money transfers, and that whenever one wanted to send money via Google Pay, an old school PIN pattern to authenticate the transfer was needed. 

However, in order to use this feature, Android 10 or above is needed, as well as Pixel, OnePlus or any of the few smartphones running the latest version of OS. This happens because Google is using a specific biometric API that debuted with Android 10. The option can be accessed via the Sending money settings section of the app.

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Jan Schildbach – Analyst Deutsche Bank

„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?