Samsung Galaxy S5 users can now log in to the Paypal app using their fingerprints as authentication. The functionality is aimed at providing a secure and convenient means of making payments.
Paypal announced that it would be the first payments provider to support the S5's fingerprint authentication technology at Mobile World Congress in February. It is also involved in the Fast IDentity Online (FIDO) Alliance, a non-profit organization aimed at creating standards to replace passwords with other secure means of authentication.
According to a recent survey that the company carried out in association with the National Cyber Security Alliance, 53% of Americans are comfortable with the idea of replacing passwords with newer security technologies such as fingerprint authentication. Hill Ferguson, Chief Product Officer at PayPal, noted this in a blog post making the announcement.
"Not only is this way more convenient than typing in a lengthy username and password on a tiny mobile device, it's also more secure," writes Ferguson. "In fact, it's a convenience that many consumers are ready for."
In addition to its new authentication functionality, Paypal has also announced a new app for the Samsung Gear 2 and Gear Fit smartwatches. Users will be able to make payments, check their PayPal balance, get payment notifications and save offers from local businesses.