iPhone 5S Turns Fingerprints into Credit Cards
There are a variety of new features that have come with Apple’s latest development, the iPhone 5S. Perhaps the most remarkable feature is a fingerprint scanner known as Touch ID.
Touch ID is designed to replace the need for four digit PINs by allowing users to lock their phones with their fingerprints. In addition to this security option, users can also buy apps and other downloads through iTunes with nothing more than a fingerprint. This brings biometric technology to the forefront of society.
Of course, there is another side to Touch ID. While it may seem like a foolproof system, it could still cause some security problems. People inadvertently leave fingerprints everywhere they go, and they are easy to pick up with the right know-how. Some experts suggest that it’s only a matter of time before people catch on and hack into iPhone 5S devices.
“We think it’s an interesting approach to e-commerce and distinctly different from what several other players in the market are trying to do,” said Bill Kreher, an Apple analyst at Edward Jones. “Using iTunes as a starting point is an excellent proof of concept and could lead to outside apps being able to use the technology.”
eMarketer estimates that over 75% of smartphone users compare products and make purchases through their phones these days, totaling nearly $15 billion in mobile commerce this year. Making purchases easier by adding fingerprint technology to the credit card system may drive those numbers even higher.
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.