Financial Tech Trends: Selfie Pay

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Financial Tech Trends: Selfie Pay

It’s been a banner year for payment technology. Apple Pay transformed the way consumers pay for things and brought a slew of financial institutions with it. Credit card companies are looking to bring other payment technologies to the table that find the right balance between convenience and security. At the forefront of these efforts is MasterCard, who unveiled their “Selfie Pay” prototype a couple months ago. The payment process is simple: download the app, and proceed to make payments by looking at your phone and blinking (the blinking prevents potential theft with still images). Since biometrics are becoming less of a feature and more of an expectation, the app can also scan your fingerprint. While this tech is unique and inventive, it does come with a built-in security concern: your fingerprint and likeness are protected by encrypted code, but the financial data transferred could be vulnerable to hackers, unlike Apple Pay. However, this security concern is minimal, and the advantages of adopting Selfie Pay dwarf the potential risks: 52% of Millennials prefer non-traditional payments, and 55% of mobile payments are made by those in the 18-34 age bracket. By allowing your younger members this technology, not only are you appealing to their on-the-go/in-the-moment lifestyle, but also their well-documented selfie obsession. Imagine the reassuring affirmation they’d feel when their financial institution offers a payment method that utilizes a trend so criticized by stodgier generations.

Check out the other posts in our series below!

Part 2: Branching into Digital and Part 3: Take Stock in Millennials

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