Payment Gateway through Fingerprint: Surya Narayan Nayak, President – Equity at Sun Capital Advisory Services
Tokyo-based startup Liquid Inc., led by a 31-year-old Okinawa native Yasuhiro Kuda, has addressed issues related to biometric led payment system. Backed by the Japanese government and some of the nation’s biggest names in finance and technology—including the venture-capital arms of banking giant Mizuho Financial Group Inc. and cellphone provider NTT DoCoMo Inc.—Liquid is rolling out a fingerprint-payment system at retailers in Japan and elsewhere in Asia, including Sri Lanka and the Philippines.
Research firm Tractica predicts the global biometrics market will expand to $14.9 billion by 2024 from $2 billion in 2015. Liquid’s system can deliver fast and accurate 1:N authentication as against currently available system of 1:1 authentication. Japanese government is backing the service, hoping it can be introduced more widely by the time the city hosts the 2020 Summer Olympics. Gartner analyst Ant Allan said he isn’t aware of competitors offering similar services, but added that market interest has yet to develop. For that to happen, he said, Liquid must build trust incrementally.
Other tech companies say they’re working on 1:N (used for criminal investigations/passport), but with institutional customers in mind. NEC Corp. said one country it declined to identify is using a 1:N fingerprint ID system to ensure that people receiving welfare benefits aren’t fraudulently seeking to get them twice. But Mr. Kuda’s vision centers on the consumer. (Source: The WSJ)
Disruption will change banking significantly: Nandan Nilekani
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