The news that Samsung’s Galaxy S5 is the first smartphone with which you can pay with your fingerprint, both in stores and online, did not surprise me. After all, fingerprint payment technology has been around for at least three years (I have been using it at the water park for three years).
Nevertheless, the news is huge. From carrying money on your fingertip at the water park, to having your entire banking system at a finger’s touch is an impressive leap.
Well, not quite the entire banking system, but PayPal is integrated. “Today people are having to type in nine-digit passwords everywhere, including one-handed on the subway,” says Joel Yarbrough, PayPal’s senior director of global product solutions.
If my fingerprint can replace ridiculous passwords that I can never remember – honestly, what’s with all this mLig4$F1&33!s business? – then I’m all for it.
But wait. As with most things, caveat emptor. In this case, the concern is for security, especially when the fingerprint technology on the Galaxy S5 was hacked publicly within the first few days.
So the question I am left with is this: Can somebody use a copy of my fingerprint to pay for a vacation on their new Galaxy S5? IF so, the price to buy the Galaxy S5 will have a very profitable ROI, at least until the police catch up.
Featured photo credit: Samsung via samsung.com