- Contactless transactions using one aspect of biometric authentication are expected to increase by over 520% between 2020 and 2025.
- Last year alone, biometrics authenticated more than $ 404 billion in payment transactions.
Biometric technology – which literally uses your face and fingerprints to verify your identity – is expected to peak by 2025 after recording a staggering 650% growth last year, amid the increase in remote working globally.
The boom would be driven by the continuous shift from consumers to apps mobile e-commerce, new search predicted. The latest estimates from Juniper Research claim that biometrics such as recognition of fingerprints, iris, voice and face, is expected to authenticate more than $ 3 trillion in payment transactions by 2025. Last year that figure was only $ 404 billion.
The research company said consumers are looking for easier payment methods, both online and in-store, with contactless options favored by many since the coronavirus pandemic. OEM pays including Apple Pay and Samsung Pay, which provide the functionality, are the contributing factor in the demand for biometrics.
However, those who use the biometric functionality to e-commerce payments is only expected to be around 35% despite the fact that biometric capability is expected to be available on around 95% of all smartphones by 2025.
The study found that registered card payment may still be the preferred method for those who shop online. Juniper’s figures highlight that online outlets will need to take a hard look at investing in systems capable of processing biometrically secure methods.
“The study confirms that mobile devices are now an integral and essential part of our daily lives, impacting almost every aspect of our social and work interactions. Biometrics, fingerprint and iris, voice and facial recognition technologies make processing services and transactions more convenient, but at the cost of our “fundamental right to be forgotten,” said Burak Agca, Lookout security engineer.
Biometrics in mobile commerce
While the technology isn’t completely secure, its integrity is high and it’s convenient for its users – with Face ID, for example, customers only need to glance at their device to access it.
Biometric technology has especially gained popularity in the payment card industry over the past decade and has proven to be beneficial to consumers in a variety of ways, including being highly secure against prevailing PINs and its process. transparent and almost instant payment authorization.
Consumers and businesses alike will reap their share of the benefits of biometric contactless payment cards. Just as consumers demand card and contactless payments rather than over-reliance on cash, businesses that don’t embrace this new payment technology might see customers voting with their feet.