Gartner Research projects worldwide mobile payment transactions will exceed $235 billion in 2013, reaching $721 billion in annual transactions with more than 450 million users by 2017. That creates a big opportunity for companies in the mobile security space.
Apple (NASDAQ:AAPL), always known as first to market and an innovator, apparently plans to integrate the fingerprint scanners into the iPhone 6 to address consumer concerns over mobile payment security.
How significant is the biometrics acquisition for Apple? Wells Fargo analyst raised its forecast for Apple based on the biometrics integration.
"We believe investors may be under- appreciating Apple's (NASDAQ:AAPL) Authentec acquisition--specifically the ability to perform secure device-side authentication, which could help open up the mCommerce market and further penetrate the enterprise market," said Wells Fargo analyst Maynard Um.
NXT-ID, Inc. (OTCQB: NXTD), a new player on the scene in payment security, is launching the Wocket this fall; a unique technology takes a very different approach: Instead of replacing the wallet, they are improving it! The Wocket™ reduces the number of cards in a consumer's wallet while supporting virtually every payment method currently available at Point-of-Sale (POS) at retailers around the world including magnetic stripe, EMV/NFC and barcode…all within a secure vault within a wallet. The company then plans to roll out a full suite of MobileBio™ technologies for mobile applications including its 3D Facial recognition technology.
NXT-ID, Inc.'s MobileBio™ facematch™ is a modular facial recognition platform technology that can be applied to a variety of platforms including smartphones, tablets, laptops and desktop computers. Depending on the number of cameras available and level of security desired, facematch™ will use 2D, pseudo 3D or 3D facial recognition algorithms to allow the user access to their device, data, or door. facematch™ supports both 3D and 2D camera devices, supporting various applications such as adding access control to a door or prison to adding superior authentication and/or encryption to a mobile device.
Samsung (KSE:oo5930) is also rumored to be integrating biometrics fingerprint technology in their smartphones and related devices. Samsung previously launched its biometric Face Unlock feature for Galaxy but the technology was easily fooled by photos from its users.
Precise Biometrics AB (PREC) recently had a big run following news of its deal with Fingerprint Cards. Precise Biometrics AB and Fingerprint Cards AB (FPC) announced they have entered into an agreement where FPC will license Precise Biometrics' fingerprint algorithm to further enhance the performance of FPC world leading capacitive sensors. FPC will bundle the algorithm into existing sensor products, primarily targeting mobile phones and tablets. The bundle will further enhance the performance of FPC sensors in terms of accuracy and speed which are important criteria especially in the fast growing mobile and tablet markets.
If Apple integrates biometrics successfully, the world as always, will follow and the race will be on for the search for the best and most secure biometrics technology for mobile users.
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