Biometrics to secure over $3 trillion in mobile payments by

Biometrics to secure over $3 trillion in mobile payments by 2025


04 February 2021 15:48 GMT
A new study from Juniper Research has found that biometrics will authenticate over $3 trillion of payment transactions in 2025, from just $404 billion in 2020. The report found that biometrics, including fingerprint, iris, voice and facial recognition are becoming critical to offering compelling app experiences, as mobile payments dominate the payments landscape. The extraordinary growth of over 650% will be fuelled by increased use of OEM Pays (such as Apple Pay and Samsung Pay), for both remote and in-store payments, as these applications have already embraced biometric authentication methods.
The new research, Mobile Payment Security: Key Opportunities, Vendor Strategies & Market Forecasts 2021-2025, found that although biometric capabilities will reach 95% of smartphones globally by 2025, only 35% of these smartphones will be used for making biometric payments in eCommerce in the same year. The research identified that stored card-on-file payments without biometric security remain common in eCommerce, and that it will require significant efforts by stakeholders to transition spend to biometrically-secured methods.

Related Keywords

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