Mastercard has already joined the wave of companies that utilize mobile features, such as the front "selfie camera", for identification purposes during a payment transaction. A recent study conducted by Mitek Systems (http://www.miteksystems.com/millennials15) has shown that a mobile app just isn't enough. Fintech businesses that want to capture Millennial consumers should utilize additional mobile features as part of their security process, offering convenience and an expected user experience.
The survey findings are clear: Millennials’ desire to do everything on their mobile devices is increasingly becoming a commerce disruptor and they want to digitize all commerce through their mobile camera. Businesses that want to attract Millennial consumers will need to take notice of these findings and add more mobile capture functionality to their applications and services, because simply providing a mobile app isn’t enough anymore. Millennial consumers want to be able to quickly sign up for retail loyalty programs or other new services by simply snapping a picture of their ID – no paperwork or manual typing required. They want to authenticate and approve their mobile payments and other sensitive transactions with a selfie.