War on Privacy: India Wants 400M Biometric Payments a Day
India is touting biometric security as the next step in payments, shunning cash and cards in a bid to make the economy secure and free of corruption. India Gov’t: Biometrics Future Of Payments. The Unique Identification Authority of India (UIDAI), which is working on issuing every Indian citizen with a 12-digit ID called Aadhaar, should form the basis for transactions together with mobile-based iris or thumbprint recognition. It is the latest government announcement following India’s flash demonetization November 8, in which higher-value rupee notes were suddenly decommissioned. Bitcoin....
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In a matter of one month, India may enter some sort of economic time warp. On Nov. 8, 2016, the Indian government and banking system implemented its demonetization policy that removed its most popular currencies out of circulation, almost immediately. Now, the Indian government has announced plans to implement a fully-digital, biometric payment system less than 30 days later, and over 10 mln daily transactions in India have already been performed. Introducing the UIDAI. The Unique Identification Authority of India has developed a mobile app called Aadhaar which can already handle 10 crore,....
MasterCard has rolled out facial recognition “selfie payments” across Europe, as privacy-centric cryptocurrencies push in the opposite direction towards anonymity. Beginning in 12 countries, MasterCard is employing Identity Check Mobile, a technology to allow customers to self-identify through facial recognition and fingerprints. An initial trial in the Netherlands revealed that over 75% of users surveyed indicated that they wished to continue using these methods of authentication, while 90% preferred to see biometric data used more in the future. This constitutes a shift away from....
Bitcoin wallets are already known to be very secure, as most feature a multisig verification and provide both public and private keys for users. However, recent hacking incidents and online theft could lead some companies to consider biometric authentication. Just recently, HYPR Corp. announced the availability of its biometric authentication SDK which could be used for third-party integration. This means that bitcoin wallets could be able to add yet another layer of security to their services. Bitcoin Wallets Authentication. The HYPR SDK enables enterprises to seamlessly implement....
India’s payments authority, the National Payments Corporation of India, has reportedly said that it will not ban cryptocurrency transactions. Banks are to make their own decision whether to allow crypto transactions. The National Payments Corporation of India (NCPI), has refused to ban cryptocurrency transactions, local media reported Thursday. NCPI runs the Unified Payments Interface (UPI), an instant real-time payment system that facilitates inter-bank transactions. It is regulated by the central bank, the Reserve Bank of India (RBI). Instead of banning crypto transactions, NCPI....
Biometric authentication company NXT-ID, Inc. (NASDAQ: NXTD) has announced that it has filed provisional patent 62/198989 for ELECTRONIC CRYPTOCURRENCY MANAGEMENT METHOD AND SYSTEM in a bid to advance cryptocurrency technologies such as Bitcoin into the consumer payments market. The company has an enviable product in Wocket®, a smart wallet designed to protect the identity and replace all the cards in a wallet, with no smart phone or cloud required. Wocket® works most anywhere credit cards are accepted and only works with your biometric stamp of approval or passcode. For more info on the....