Mobile payments set to be revolutionized by biometrics?

Alternative credit processing machines have become increasingly prevalent in the retail sector, especially with the advent of mobile payments. With the rising adoption of the mobile wallet, however, more concerns over users' data and personal information have arose.

As a result, financial institutions, tech companies and research institutions have been investigating ways in which identity theft can be prevented when using a smartphone as a wallet. Recently, Frost and Sullivan released a statement, announcing its support of mobile biometric payment systems, which would embed fingerprint sensors in mobile devices.

"In 2011, more than 60 percent of smartphone users were not using a PIN to protect their mobile access," Global Program Director of ICT in Financial Services Jean-Noel Georges said in a statement. "The time is now right for biometric technology to emerge as a secure solution for mobile applications that require high levels of security, particularly payment."

This technology is not too far off, either. Apple's iPhone 5S is rumored to include a biometric fingerprint sensor that would allow device owners to unlock their smartphones with a simple swipe of the finger, Extreme Tech reported.