This is something that Dr Stephen Whitehouse , a partner in Oliver Wyman ’ s Retail and Business Banking practice , concurs with . “ While digital finance is on the rise , plastic cards will likely stick around for a while , especially in areas where digital solutions are less accessible or accepted ,” Whitehouse says .
Will biometrics become cards ’ security standard ? Despite their enduring popularity , there are still areas where the physical payment card could evolve . One of the most exciting , particularly from a fraud perspective , is biometrics . This is a catch-all term used to refer to several different technologies – including fingerprint recognition , which is already popular but expected to grow in the coming years ; facial recognition , which is benefitting from the improved reliability of AI ; voice recognition and voice authentication , which , inspired by the popularity of virtual assistants , are also on the rise ; and iris scanning , an emerging technology that takes advantage of the uniqueness of the iris , the colourful part of the eye surrounding the pupil .
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