Biometric authentication, contactless payments to continue to rise post-pandemic, study shows

Wednesday 11 August 2021 14:23 CET | News

Juniper Research has published a whitepaper titled, `Cash is No Longer King: How Contactless Payments are Becoming the Norm`, showing a rise in biometric authentication and contactless payments post-COVID-19.

The paper from Juniper Research notes that bricks-and-mortar retailers are now under pressure to provide increasingly frictionless shopping experiences. Consumers have started expecting quick, secured, and frictionless payments outside the retail sphere too; such as for travel, the report reveals.

The paper also noted that the concept of touch-free payments and/or biometric authentication is `creeping increasingly closer to the online purchasing experience.` Global contactless card transaction values will reach USD 2.5 trillion in 2021, from USD 1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021.

Juniper Research anticipates that the US will see transaction value growth of 136% between 2020 and 2021, with major US retailers rolling out contactless acceptance and consumers enjoying the added convenience offered by touch free card payments.

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Keywords: Juniper Research, study, biometric authentication, contactless payments
Categories: Fraud & Financial Crime
Countries: World
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