News
11/09/2019
Goodbye, PIN
XXI. This century has welcomed new technological advances. This has also forced us to say goodbye to some outdated habits. Who remembers today, for example, the cell phones we used to find on the street from our mobile phones in our pockets? As such, we have said goodbye to many other things due to technological advances.
The PIN may also be in its final days. In fact, banks are exploring the possibility of introducing new biometric payment systems. Fingerprint, voice, or face recognition are advancing in entities.
In some international airports or in public buildings a photograph is taken of the citizen as a means of identification. So the bank is also looking at different biometric systems for making payments. For example, CaixaBank has made it possible to make money with face recognition without having to enter a PIN. Others, such as BBVA, Santander or Sabadell, have started with some pilot projects. Similarly, Visa and Mastercard proposals are being explored for fingerprints on card replacement PIN usage.
In Spain, 47.61 million piggy banks are operating and 36.97 million for credit cards, according to Bank of Spain data. In the not too distant future, though, these figures could go down. In addition, the commercial network of all financial institutions, which currently has 50,336 ATMs, could be canceled, according to the regulator. Last year, 934 million operations were carried out at ATMs, with a total of 124,864 million. It is a business that is making a lot of money and is trying to move fast from a technological standpoint. Users would find many benefits with this advancement; one of them, forgetting the codes forever.
Consumer of the future
New technologies are changing consumer habits. Experts say consumers in the coming years will bet on new technologies as a means of payment. In fact, mobile is already being used to pay for anything, but advances are going very fast in this regard, and "biometric systems, such as fingerprint, voice or face recognition, are solutions that offer a high level of certainty and are difficult to fake. ”, Says Eduardo Irastorza, professor at the UAE Business School.
"The consumer 3.0 is much more emotional, has a higher economic level, and large digital distributors like Amazon or Alibaba have thousands of products at their fingertips regardless of their country of origin," says Irastorza. Being able to pay immediately, without much time, will be the key. "In countries such as Sweden, 80% of purchases are already made through mobile, including public transit and church fundraising." This is shown by "2030 Consumer", produced by the BAC Business School. To keep up with these new trends, the bank has partnered with a number of specialized companies or set up research centers to launch new projects.
For example, CaixaBank has not only implemented a face recognition system in four offices in Barcelona but also developed a face recognition project through the Payment Innovation Hub in commerce. At the Rodilla Café in Pier 1, 1,000 people working at the facility can pay on-site with a selfie without having to carry a mobile, card or cash.
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