The number of mobile transactions made with the aid of biometric authentication will increase dramatically
According to the recent research conducted by Juniper Research, the total value of mobile payments transactions conducted with the biometric authentication will reach $1.2 trillion by 2027.
This is a significant boost, compared to $332 billion this year. The researchers also believe that the volume of transactions of mobile payments with biometric authentication will see a major surge by 383% over the next 5 years , and they will reach 39.5 billion dollars in 2027.
The report also states that facial recognition contributes to even faster scalability and recognition of biometrics. Mobile payments are defining the bright future of biometrical payments.
In light of this, the majority of corporations have begun to add biometric authentication en masse in their products according to the SCA requirement of PSD2.
Tons of recognizable companies are adding a payment method using either facial recognition or fingerprints — it leads to even greater adoption and scalability of this technology, the report states.
We’ve reported what are 10 ways that ESG brings value to payments.