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Number of people using facial recognition for payments to rise by 120%

Apple’s implementation of FaceID is accelerating the growth of the broader face recognition market

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Number of people using facial recognition for payments to rise by 120% . Source: pexels.com

Juniper Research has found that the number of people using software-based facial recognition to secure payments will surpass 1.4 billion worldwide by 2025, up from 671 million in 2020.

This speedy growth of 120% reveals the huge scale of face recognition usage. According to a study, Apple’s implementation of FaceID is accelerating the growth of the broader face recognition market, in opposition to face recognition challenges during the face mask pandemic.

The study highlights that facial recognition vendors implement fast-growing AI-based checks to ensure the authenticity of a user’s identity, either risk losing user confidence in the authentication method as spoofing attempts increase.

Meanwhile, 93% of biometric-equipped smartphones will have fingerprint sensors in 2025, according to information. This compares with hardware face recognition – only 17% of smartphones with biometric equipment and these capabilities in 2025.

Hardware-based facial recognition is growing, but the ability to carry out facial recognition via software is limiting its adoption rate. As the need for a secure mobile authentication environment grows, smartphone vendors will need to increasingly turn to more robust hardware-based systems to keep pace with fraudsters’ evolving tactics                          
Susan Morrow, research co-author 

The study also revealed that the use of voice recognition for payments is increasing from 111 million users in 2020 to over 704 million in 2025.

PaySpace Magazine anticipates that the boost of the facial recognition software market will drive the smartphone market. As people are shifting towards making their payments more secure and reliable via facial recognition, tech companies will rival in the development of most smartphones.

We’ve reported that the first bank in Southeast Asia enabled face recognition at ATMs.

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