We are now witnessing a major transformation in global currency, as consumers are slowly warming up to the idea of using a mobile wallet.
In a recent study of consumers in the U.S., Canada and the U.K, more than half indicated they expect to adopt digital payment systems over the next few years. And many countries, like Denmark, Norway and Sweden, are already well on their way to becoming completely cashless.
Still, though, there are major barriers that are holding back the mobile wallet revolution and causing consumers to stick with their existing payment preferences.
Concerns about fraud, for instance, are very high among consumers. In another study, 19 percent of consumers indicated they are concerned that unauthorized transactions may occur after using a mobile phone for payment. And 21 percent prefer not to register payment credentials to their mobile phone.
In light of this, business leaders are highly encouraged to bring an authentication mindset to the upcoming Money20/20 conference.
Many companies at this conference will be offering cutting-edge technologies that can boost digital payment security and win over customers who may be skeptical about change. VoiceVault, for instance, will be on hand at Money20/20 (booth #737) to showcase its industry-leading voice biometric identity verification technology.
Voice biometric identity verification offers two major features that consumers want to see in their mobile payment systems: Security, and convenience.
Voice biometrics are one of the most secure forms of biometric authentication, as they cannot easily be spoofed. A voiceprint has many unique identifying characteristics, and all of them must be a perfect match in order to grant an end user access into his or her account.
What’s more, the process only takes a few seconds and does not require the user to remember a password, personal identification number (PIN) or answers to security questions. All you need is your voice, and a device with a microphone. Using voice biometrics, authenticating a payment is every bit as easy as signing your name on a receipt.
To learn more about voice biometric identity verification, click here or visit our Booth # 737 at Money20/20.