The full extent of this paradigm shift is still unknown, but there are huge implications for the future developments in mobile payments with the advent of the i-phone finger print reader. The main hurdle for authentication over a mobile phone will be simplified with such a simple process and yet it will be more secure than the current procedures with pass codes and PINs. In one upgrade you get two bonuses: convenience and a more robust authentication process for the consumer.
The question now is how payment providers will be able to interact with the i-phone. Apple is know to be too restrictive in terms of interoperability standards, so they may want to keep control to their own applications. So it will be important to see how the other device manufacturers respond, specially those with Android platforms. If the o-phone move triggers a shift in the industry, new product developments will begin to pop up all over the place.
Let’s hope for the best.