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Biometrics to secure USD 2.5 trillion in mobile payments by 2024

Tuesday 3 December 2019 08:49 CET | News

Biometric authentication will be used to secure USD 2.5 trillion worth of mobile payment transactions by 2024, a new report from Juniper Research has found.

This amount represents an increase of almost 1,000% on the USD 228 billion expected to be transacted through the method by the end of 2019. Biometric authentication includes fingerprint, iris, voice and facial recognition technologies.

Moreover, according to the study the availability of dedicated biometric hardware will not be an obstacle to biometric usage as it will be present on an estimated 90% of smartphones by 2024. Still, less than 30% of these phones are expected to be used to authenticate contactless payments, thanks to the presence of contactless cards.

Plus, there are several payment standards and protocols coming into force in the future that will increase the use of mobile biometrics. Most particularly, 3D Secure 2.0’s requirement for two-factor authentication will drive merchants to adopt biometrics to make the payment experience smoother across a variety of platforms.

The report also shows that the use of facial recognition, whether hardware or software-based, is gaining ground on fingerprint-based payment authentication. Juniper Research believes that because of the ubiquity of smartphone cameras and the ability to utilise software-based biometrics as a service platforms, these will reach a similar level of usage to dedicated hardware biometrics over the next 5 years.

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Keywords: mobile payment transactions, smartphones, biometric authentication, fingerprint, IRIS, voice, facial recognition, SCA, 2FA, study, Juniper Research
Categories: Fraud & Financial Crime
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Countries: World
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Fraud & Financial Crime