"… After a slow start, the global mobile-payment market is expected to record a compound annual growth rate of 33%, reaching $457 billion in 2026, according to market-research firm IT Intelligence Markets. As payments move from cash to credit cards to smartphones, financial-technology companies, known as fintechs, have been honing their biometric services.
Biometric technology, meanwhile, is infiltrating every other aspect of our digital lives. Juniper Research forecasts that mobile biometrics will authenticate $2 trillion in in-store and remote mobile-payments transactions in 2023, 17 times more than the estimated $124 billion in such transactions last year.
Companies could also profile customers and do what online retailers like Amazon and eBay EBAY, -1.05% already do: tempt them with items based on their previous purchases. “Whether you’re a government or corporation, there’s an incentive to encourage citizens to adopt total surveillance in order for the system to work better,” Sinnreich said. “How much I tip an UBER, -2.00% driver today could affect how much I might pay for a mortgage in 20 years.”
Consumers are understandably spooked by the prospect of governments, law-enforcement agencies and corporations identifying us through facial recognition, or even via our voices and fingerprints, the Identity Theft Resource Center’s Eva Velasquez said. “Some people will say, ‘You can have my biometrics when you pry them from my cold, dead fingers.’”"
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