Could Passwords Become Extinct?

Could Passwords Become ExtinctFor years people used checks for paying for things without ever giving it a second thought that they may one day become obsolete, then along came the debit card and all that changed. Could the same thing be happening with passwords? If recent trends are any indication, then the answer to this would be a resounding yes.

The online payment division of Alibaba, Alipay, has just announced that very soon they will be using facial recognition software to verify identity.

The Alibaba Chairman, Jack Ma, demonstrated how the technology would work at a recent trade fair. He used a smart phone camera to scan his face to verify his identity. This widely popular payment service in China has long made their wishes to expand globally no secret and has just taken a huge step toward that by giving payment service users a lot of confidence in them.

And it’s not only Alibaba that is trending toward eliminating passwords to use their services. Apple has already announced plans to use a fingerprint scanner on their iPhone’s in order to process Apple pay transactions and Google and Yahoo have also expressed a keen interest in using facial and fingerprint biometrics to verify identity.

It certainly does not look good for big fans of passwords and internet hackers as the end of the password is on the horizon.

John Miller
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John Miller

John has worked in investment banking for 10 years and is the main author at 7 Binary Options. He holds a Master's degree in Economics.
John Miller
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