Juniper Research study estimates a growth of facial authentication in financial industry

Wednesday 14 April 2021 10:42 CET | News

Juniper Research has unveiled a new study which suggests that the number of people using facial recognition software to authorise digital payments will double in the next few years. 

The company states that 671 million people were already making payments with facial recognition in 2020, and estimates a growth of this number up to 1.4 billion by 2025. Those adoption rates can be attributed to the growing ubiquity of front-facing cameras in mobile devices, which in turn makes it much easier for people to take advantage of face-based authentication software, Find Biometrics reports. 

The findings build on an earlier Juniper Research report that looked at biometric authentication more generally. That report indicated that biometric modalities would be used to authorise USD 3 trillion worth of transactions by 2025, with Juniper Research arguing that payment providers will need to support some form of biometric authentication to compete and retain their customers.

In addition, the study found a growing support for fingerprint and voice authentication in the modern payments ecosystem. 93% of the smartphones with biometric capabilities will feature a fingerprint sensor by 2025 (compared to the 17% with dedicated facial recognition hardware), while 704 million people will be confirming transactions with voice recognition. That number is up from 111 million in 2020, with voice recognition being particularly popular in the banking industry.

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Keywords: study, facial recognition, biometric authentication
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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