The report is called ‘Securing Mobile Payments with Biometric Authentication’ and its methodology implied the evaluation of key biometric technologies and their rate on metrics such as cost, usability and security, assessing how they affect each player in the mobile payment ecosystem.
The results show that palm vein is most secure but cost is not very cost-effective, iris scan is ideal for online purchases and SMS-based payments are easy to use but provide a low level of security.
Tiffany Huang, Lux Research Associate and lead author of the report, said companies developing biometric authentication products need to build partnerships or innovate and consider multimodal biometric platforms to stay in the game.
A prudent mix of biometric technologies, incorporating the best security features, ease of use and cost, running on smartphones offers the best opportunity of clocking growth rates of over 200% in 2016.
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