A new study from Juniper Research forecasts that mobile biometrics will authenticate $2 trillion worth of in-store and remote mobile payment transactions annually by 2023. That is 17 times the $124 billion expected in 2018, as initiatives furthering secure remote payment transactions and more open biometric platforms proliferate.
The research, Mobile Payment Security: Biometric Authentication & Tokenisation 2018-2023, expects this growth to be driven both by industry standardisation initiatives, like Visa’s Secure Remote Commerce, and smartphone vendors introducing different forms of biometric authentication.
- The fastest growth will come from biometrically-verified remote m-commerce transactions, reaching over 48 billion in volume by 2023 or 57% of all biometric transactions, up from an estimated 28% in 2018.
- Over 80% of smartphones will have some form of biometric hardware by 2023, representing just over 5 billion smartphones.
- Facial recognition and iris scanning will become more prominent over the next 5 years, with adoption exceeding 1 billion devices.
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.
Juniper analyst and research author, James Moar