Fingerprint, Iris, voice & facial recognition are included in biometric authentication
Juniper Research found that biometric authentication will be used to secure $2.5 trillion worth of mobile payment transactions by 2024. It means almost a 1,000% increase on the $228 billion, which is expected to be transacted by the end of 2019.
By 2024, the dedicated biometric hardware will be present on approximately 90% of smartphones. But still, less than 30% of these phones are expected to be used to authenticate contactless payments.
The report reveals that the use of facial recognition is advancing on fingerprint-based payment authentication.
Juniper Research notes that there are several payment standards and protocols that will increase the use of mobile biometrics coming lately. Most particularly, 3D Secure 2.0’s requirement for two-factor authentication will drive merchants to adopt biometrics to make the payment experience smoother across a variety of platforms.