Bank institutions and businesses are attempting to revolutionize the way people pay with plastic and a recent example of this movement is a secure debit card concept that is being tested out by NatWest — a bank that is based in the United Kingdom. The bank is tapping biometric data and fingerprint scanning as a method of activation for this traditional mode of payment.
Currently, the secure debit cards are set to begin trial in mid-April. A total of 200 people are involved in the experiment. Individuals need to go into NatWest and register their fingerprint. The information "will be stored locally on the card, meaning that there will be no central bank of data" which eliminates worries of contamination and stolen information. The development is a form of convenience-focused contactless payment.
Fingerprint-Activated Debit Cards
NatWest's Secure Debit Card is Reliant on Biometric Data
Trend Themes
1. Biometric Payment Technology - The use of biometric data for payment authentication is a disruptive innovation opportunity that improves security and convenience for customers.
2. Contactless Payment - The adoption of contactless payment methods, such as fingerprint scanning, presents a disruptive innovation opportunity for businesses to streamline transactions and enhance customer experience.
3. Decentralized Data Storage - The implementation of locally stored data on payment cards offers a disruptive innovation opportunity by addressing privacy concerns and reducing the risk of data breaches.
Industry Implications
1. Banking - The banking industry can benefit from biometric payment technology by enhancing security measures and improving the overall payment experience for customers.
2. Retail - The retail industry can leverage contactless payment methods to streamline checkout processes and provide a more convenient and efficient shopping experience for customers.
3. Data Security - The data security industry can explore opportunities in decentralized data storage to develop innovative solutions for protecting sensitive information and preventing data breaches.