Contactless mobile payments are a major driver of increased biometrics use
Contactless payments are driving biometrics use: research. Source: shutterstock.com
Biometrics including iris, facial, fingerprint, and facial recognition have become vital in offering outstanding app experiences, according to Juniper Research. This comes as mobile payments take over the remittance sector.
Biometrics are expected to authenticate over $3 trillion worth of mobile payments by 2025, up from $404 billion in 2020. The 650% growth can be associated with the increased use of OEM Pays for in-store and remote payments. An example of these platforms includes Samsung Pay and Google Pay.
To prevent losing out to more secure OEM Pay choices, all remittance apps should ensure they have a seamless user experience. This should leverage biometric capabilities.
While biometric efficiency is estimated to reach 95% of smartphones worldwide by 2025, only 35% will be used in e-commerce biometric payments.
The use of contactless mobile payments has also fuelled a rise in the use of biometrics. The number of biometric secured contactless mobile transactions has also increased by over 520% between 2020 and 2025. However, contactless cards are a threat as they do not need the extra verification step.
We’ve reported that telemedicine is likely to become the leading industry trend in 2021.
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