Digital ID and payments turn to your face

As mobile devices and government regulators embrace facial recognition technology, your face is becoming both wallet and identification.

Smile – your face is becoming a path for payments.

Apple and Android digital wallets are common tools for consumer payments, but they’re also increasingly intertwined with identification in an era where identities are digital and tied to biometric data.

“Essentially, your face becomes your wallet,” said Prashant Sharma, JPMorgan Chase’s global head of product, overseeing biometric payments and digital identity. “The best checkout is where the consumers don’t have to think about payment, and that’s what biometrics actually enables.”

Apple and Google, two of the largest technology companies, have leaned heavily into digital IDs within their respective phone-based wallets. Meanwhile, 22 states and Puerto Rico have authorized mobile driver’s licenses that can be carried on a digital wallet or state-issued app, according to IDScan.net, a New Orleans-based identity verification software provider.

These trends are converging to increase the use of biometrics in digital wallets, heralding a time in which consumers will make retail purchases, access loyalty programs and board flights with identification and payment data linked to their bodies. A face scan or fingerprint can also potentially reduce payments fraud.

Consumer biometrics date largely to the arrival of sophisticated smartphones and digital wallets over the past decade. They have been tied to passkeys – an authentication method based on a digital credential that isn’t a password – and have enabled biometric payments.

The use of passkeys has reached “global scale” with 5 billion in active use, the FIDO Alliance said in a May report on passkey growth. About 90% of consumers are aware of passkeys and three-quarters have enabled their use on some of their accounts, according to the report, which was based on a survey of 11,000 adults in the U.S. and nine other nations.

“Biometric authenticated payments, once considered emerging, have become mainstream,” card network Visa said in a payments trends report last year. Consumer demand for such payments is growing and “merchants are starting to incorporate them at increasing rates,” the report added.

Consumers have embraced biometric-based IDs through their devices, said a payments executive for Alphabet’s Google, which makes the Android operating system for smartphones.

Source: https://www.paymentsdive.com/news/digital-id-and-payments-turn-to-your-face/824041/

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