Mobile payments and biometric authentication: forecast

Fingerprint, Iris, voice & facial recognition are included in biometric authentication

Biometric authentication

Mobile payments and biometric authentication: forecast. Source: shutterstock.com

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.

Biometrics has traditionally been used for in-person contactless payments. However, with an increase in the need for smooth authentication on all mCommerce channels, we anticipate over 60% of biometrically-verified payments will be made remotely by 2024
James Moar, remarked research author 

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.

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