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.
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