<p><b>Biometrics and other emerging payments approaches introduce both opportunity and volatility.</b></p>

<p>Recent news on advancements in biometric payments demonstrates that while the growth of the field is inevitable (the market is expected to hit <a href="https://www.kbvresearch.com/contactless-biometrics-technology-market/#:\~:text=The%20Global%20Contactless%20Biometrics%20Technology,CAGR%20during%20the%20forecast%20period." target="_blank" rel="noopener noreferrer">$18.6 billion by 2026</a>), there are landmines galore. These include <a href="https://www.biometricupdate.com/202207/smartmetric-ceo-claims-progress-towards-american-biometric-payment-card-launch" target="_blank" rel="noopener noreferrer">regional differences</a> in approaches to the tech, persistent fears about data privacy, and even geopolitical struggles. For instance, Visa and Mastercard have run into opposition for using biometric facial-recognition technology from a Chinese company that’s <a href="https://www.reuters.com/technology/face-recognition-business-puts-softbank-between-china-us-2022-07-07/" target="_blank" rel="noopener noreferrer">blacklisted in the US</a> due to human rights concerns.</p> <p>Moreover, biometrics is only the tip of the iceberg. Emerging payments channels include buy now pay later, which allows any retailer to offer instant payments both online and in-store; payments through connected devices such as wearables and cars; and real-time payments. Modern businesses must track and prepare for all these trends and more.</p> <h4>The Cognizant take</h4> <p>We keep a close eye on biometrics as part of our ongoing payments research and analysis. Rustin I. Carpenter, Global Payments Solution Leader in Cognizant’s Banking &amp; Financial Services practice, notes that “with a major global economic shift underway, the fortunes of emerging pa<span class="text-normal">yments face dramatic shifts—from accelerated and increased opportunity, to unprecedented volatility.”</span></p> <p><span class="text-normal"><span class="text-normal">Carpenter adds that today’s unprecedented rate of change in the payments</span> scene,&nbsp;which was turbocharged by the pandemic, continues unabated.</span></p> <p>Finally, he adds, security and data privacy concerns aren’t going away anytime soon. “The current&nbsp;geopolitical, economic and social environment is driving a pressing need to improve anti-fraud and cybersecurity,” he notes. Organizations must stay current with compliance-related requirements to “keep clients secure, provide an exceptional experience, and gain a strategic competitive advantage.”</p>