Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Digital Identity, Security & Online Fraud

Mobile biometrics to authenticate USD 2 trillion of sales by 2023

Tuesday 24 July 2018 | 12:34 PM CET

Mobile biometrics will authenticate USD 2 trillion worth of in-store and remote mobile payment transactions annually by 2023, according to Juniper Research.

This is 17 times the USD 124 billion expected in 2018, as initiatives furthering secure remote payment transactions and more open biometric platforms proliferate. The research forecasts that the fastest growth will come from biometrically-verified remote mCommerce transactions, reaching over 48 billion in volume by 2023. This will be around 57% of all biometric transactions, up from an estimated 28% in 2018.

Juniper anticipates that over 80% of smartphones will have some form of biometric hardware by 2023, representing just over 5 billion smartphones. This has traditionally meant fingerprint sensors, but facial recognition and iris scanning will become more prominent over the next 5 years, with adoption exceeding 1 billion devices.

Despite this hardware proliferation, Juniper believes the main innovations in mobile biometrics lie with ‘Biometrics-as-a-Service’, software which employs AI to check users’ identities on any platform.

Juniper’s report estimates that nearly 90% of smartphones currently in use can support software-based facial recognition, while 80% are capable of voice-based payments. Juniper believes that these services, as well as tracking user behaviour, will enable secure cloud-based identity checks that are cross-platform and authenticate in the background. The research forecasts over 1.5 billion smartphones to use software-based biometrics by 2023.

 advertisement
 advertisement
 advertisement
 advertisement