Anticipation for mass market biometric credit and debit cards continues to build, with market conditions aligning and major announcements expected in the second half of the year. Broader adoption of facial recognition also seemed to be a major theme for the week in biometrics news, before the technology’s use by law enforcement in the U.S. hijacked the topic. If the changes announced this week are not accompanied by meaningful policy change, however, they are not likely to significantly impact the market.
Zwipe CEO Andre Løvestam and HSBC Group COO and CTO Ritesh Jain discussed the evolution of payment cards in the context of COVID-19 at a recent Group Futurista online conference. Biometric card prices are dropping rapidly, and with consumers wanting both reduced contact with shared services and more contactless payment security, the conditions for mass market launch seem to be aligning for both supply and demand. Commercialization could even be this year, according to Fingerprint Cards CEO Christian Fredrikson. Speaking during a Corporate Day presentation, Fredrikson said contactless payments growth is accelerating, which was echoed by the Zwipe Chief in a separate presentation for investors.<