From: RegTech Analyst
Biometrics will be used to authenticate over $3trn mobile payments around the world by 2025, according to a new study from Juniper Research
That’s up from just about $404bn 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.
Original equipment manufacturer (OEM) payment solutions such as Apple Pay and Samsung Pay will drive the growth in the space.
The researchers also 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 e-commerce in the same year.
“While biometrics are now an established part of the ecosystem, payments and e-commerce apps have not kept pace with the rate of innovation,” said Susan Morrow, author of the report.
“Merchants must adopt biometric capabilities rapidly and educate users to best secure the increasingly massive e-commerce market.”
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