FinTech Magazine - May 2021 | Page 100

PAYMENT SOLUTIONS
However , this isn ’ t to say that there aren ’ t risks . In 2015 , the US Government was hacked and the fingerprints of 5.6 million federal employees were stolen . While ordinary forms of authentication can simply be changed if similarly compromised , consumers cannot viably alter their voice or face . Despite this , the pressure should be on developing cybersecurity that can adequately address these issues rather than dismissing biometrics out of hand . The reason ? The increasing feasibility of cashless societies .
“ Physical money – notes , coins and checks – has outlived its usability ,” says Tomar . Building on the inclusivity of new payment structures in MEA and APAC mentioned by Conti-Vecchi , he notes that developing countries are leading the shift away from cash . “ Perhaps the best example is M-Pesa , which has become the most used payment system in many countries in Africa . Some of the largest ( by population ) countries in the world , like India and China , have already made huge advances in digital payment
100 May 2021