$1.6 trillion of mobile biometric payments to be made annually by 2023

Goode Intelligence forecasts over $1.67 trillion of mobile biometric payments will be made annually by 2023

$1.6 trillion of mobile biometric payments will be made annually by 2023. Source: shutterstock.com

Goode Intelligence’s report “Mobile Biometrics for Financial Services” reveals that mobile biometrics has transformed how financial service providers identify and authenticate their customers enabling them to dispense with inconvenient technologies that have been shoehorned to work on smart mobile devices.  Goode Intelligence forecasts that over $1.67 trillion of mobile biometric payments will be made annually by 2023 and over $8.7 billion revenue will be generated for suppliers of mobile biometric technology by 2023.

Initial growth in this market is predominantly from remote (digital) payments through a combination of mCommerce and eCommerce payment transactions with the latter supported by FIDO 2.0 (WebAuthn) standards.  The report further reveals that:

  • 2018 saw 68% remote mobile biometric payment users versus 32% local (physical – in-store);
  • By 2023 the percentage of local mobile biometric payment users will increase to 46% with remote payments accounting for 54% of total mobile biometric payment users;
  • Slower rates of adoption are expected for local mobile biometric payments in North America, Europe, Africa, ME and LATAM with the highest rates of adoption expected in China, India and rest of APAC.

SEE ALSO: 3 largest mobile commerce markets in the world – research

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