Biometric mobile payments will exceed one trillion transactions by 2022

Boosted by the growing availability of fingerprint sensors on smartphones and other new verification methods like Mastercard’s pay-by-selfie, mobile biometrics will authenticate more than 1 trillion transactions annually by 2022. A new report from Acuity Market Intelligence also pegs the value of mobile transactions at $50.6 billion in the same year.

  • In 2022, more than 5.5 billion biometrically-enabled mobile devices will be in use, creating a global installed user-base.
  • Annual biometric transaction revenue will increase from $474 million in 2017 to $18 billion in 2022.
  • Biometric app revenue will grow 26%, increasing from $9.4 billion to $29 billion annually.
  • Mobile biometric transaction volume is expected to reach 1.4 trillion annually by 2022, with more than 70% based in the cloud, as biometric app downloads exceed 16.7 by 2022.

Biometrics have become a mainstream convenience for unlocking smartphones and verifying on-device transactions.  But the market is evolving towards a hierarchy of integrated biometric authentication methods that range from simple device-based verification to third-party biometric Cloud, or server-side, solutions. These solutions will replace traditional digital identity schemes and provide more secure and reliable identity assurance on a global scale.

Maxine Most, principal and lead analyst Acuity

 

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