Paypal and Samsung have partnered to allow access to Paypal just though the biometric swipe of a finger on your smartphone. As an initiative of the FIDO Alliance (Fast IDentity Online), a consortium of major companies promoting secure online authentification, this major announcement is a “first step towards the wholesale replacement of the traditional text-based password with a unique biometric system based on the FIDO protocol,” according to RelaxNews (as reported on Yahoo News).
For the time being it’s only available through Samsung’s Galaxy SF phone, because that’s the only phone currently integrated with PayPal. But that will likely change and more consumers will be able to use this technology on their own phones.
Why It’s Hot
No more typing a password. More security on your phone. Instant gratification. Biometric authentification has the potential to redefine how shoppers pay and how money gets moved around. Look for biometrics to gain traction and facilitate this new payment method in a world where our own DNA will give us access to unlimited social and economic experiences.