Consumers around the world authenticated their identities 52 trillion times in 2016, according to a Euromonitor study. The authentication status quo—entering a password, your mother’s maiden name and other types of “knowledge-based authentication”—has been known to frustrate even the most patient customers when the necessary information is either forgotten, stolen or must be typed onto tiny keyboards.
The Internet of Things, at the same time, promises to change the way we pay, bringing commerce to more places and devices not necessarily designed for typical passwords (think wearables, such as rings and watches, home personal assistants and connected cars). Many of these devices forego the keyboard for voice and other methods of activation, requiring a whole new approach to authentication.
Enter Visa ID Intelligence. This new platform makes it easier for financial institutions, developers and commerce partners to quickly adopt emerging authentication technologies—such as face, fingerprint or voice recognition, document verification, or device and user identification—and create secure and more convenient ways for consumers to shop, pay and bank on their connected devices.
As a one-stop shop, Visa ID Intelligence offers a curated selection of smarter authentication technologies and fraud prevention tools—simply integrated through the Visa Developer platform. First up: Visa ID Intelligence will include document verification and multiple types of biometric authentication, such as face, voice, iris and fingerprint scans (so long, passwords, if you wish). In 2018, look for extended capabilities to device and user data that aim to improve digital identity decisioning, bringing you and your customers greater peace of mind.