Biometric mobile payments to reach USD 3 tln by 2025, Juniper forecasts

Tuesday 2 February 2021 10:44 CET | News

New report from Juniper Research has forecasted that contactless mobile device-based payments will drive more than USD 3 tln in mobile payments secured with biometrics by 2025.

In a whitepaper called ‘How to Maximize Mobile Payment Security,’ Juniper writes that growth of more than 650% in the value of transactions secured with biometrics, from USD 404 billion in 2020, will largely go through OEM payment solutions, like Apple Pay and Samsung Pay. These payment systems have already implemented biometrics and will be used for payments both in store and remotely.

Contactless mobile transactions are also expected to increase by 520% over the forecast period. Contactless cards, a market where biometrics are also expected to play an increased role, is the main threat to those mobile transactions, according to the research.

The stats are drawn from the report ‘Mobile Payment Security: Key Opportunities, Vendor Strategies & Market Forecasts 2021-2025,’ which also found that 95% of smartphones will have biometric capabilities by 2025, only 35% of them will be used for biometric ecommerce payments, with many consumers still opting for card-on-file payments without biometric authentication.

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Keywords: Juniper Research, mobile payments, biometric payments, contactless payments, mobile payment security, World, study, survey, forecast
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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