So Pay By Touch is getting out of biometric payments and is focusing on targeted marketing (see Evan Schuman’s StorefrontBacktalk comments on an article in the current issue of The Nilson Report).
Good move. The company apparently understands that most of the added value in the payments space is going to come from facilitating targeted marketing using payment data. Not focusing on the commoditized low value payment function, which can’t easily be made more valuable with little add-on gadgets like thumbprint transaction initiation or contactless cards or even mobile phone payments … unless of course those new devices are used to dramatically enhance marketing capabilities at the point of sale.
Evan Schuman did an earlier post a couple months ago on Pay By Touch, titled “Did Radio (Waves) Kill The Biometric Star?” The article explores the possibility that contactless cards are killing “pay by finger” biometric schemes.
Here are a couple of my own prior posts on Pay By Touch:
Are you unknowingly trying to resurrect failed concepts from the past?
How US banks can use contactless to compete more effectively against alternative payment provider Pay By Touch