Over USD 1.67 tln of mobile biometric payments will be made annually by 2023

Friday 4 January 2019 10:00 CET | News

Goode Intelligence has estimated that over USD 1.67 trillion of mobile biometric payments will be made annually by 2023.

Mobile Biometrics for Financial Services; Market and Technology Analysis, Adoption Strategies and Forecasts 2018-2023 – Second Edition reveals that the growth in this market is predominantly from remote (digital) payments through a combination of m-commerce and ecommerce payment transactions with the latter supported by FIDO 2.0 (WebAuthn) standards. 

Other key findings of the report:

  • 2018 saw 68% remote mobile biometric payment users versus 32% local (physical – in-store);

  • by 2023, the percentage of local mobile biometric payment users will increase to 46% with remote payments accounting for 54% of total mobile biometric payment users;

  • slower rates of adoption are expected for local mobile biometric payments in North America, Europe, Africa, ME, and LATAM with the highest rates of adoption expected in China, India, and the rest of APAC.

The report also includes a review of current global adoption, market analysis including key drivers and barriers for adoption, forecasts (regional and global) for users, devices, transactions, and revenue within the six-year period 2018 to 2023.

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Keywords: Goode Intelligence, mobile payments, biometric payments, ecommerce
Countries: World

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