Biometric authentication will be used to secure mobile payments worth US$2.5 trillion by 2024, according to a report by Juniper Research.
This is an increase of 1,000% from 2019, with payments secured using biometric technology estimated to have reached US$228 billion for that year.
The research, Mobile Payment Authentication & Data Security: Encryption, Tokenization, Biometrics 2019-2024, states that biometric software will be available on 90% of smartphones by 2024. Yet the US$2.5 trillion figure is based on less than 30% of these smartphones actually using biometrics to authenticate payments, due to the use of contactless cards.
The figure is also attributed largely to non-iOS devices, on which biometric mobile payments are expected to grow at double the rate of their iOS counterparts.
The report also highlights the growth in popularity of facial recognition software over fingerprint recognition, which Juniper Research says is a result of the guaranteed presence of cameras on smartphones. It also predicts that, in the next five years, software-based biometrics-as-a-service platforms will reach a similar level of usage to dedicated biometrics-based hardware.
The original article is here.