Mobile Payments and Biometrics, a Fruitful Relationship
This year remote mobile payments that are biometrically authenticated will move $332 billion. By 2027 it will be $1.2 trillion.
Advances in biometrics and their incorporation into consumer devices such as smartphones increase opportunities for businesses.
This year, remote mobile payments that are biometrically authenticated will move $332 billion.
This is predicted by Juniper Research, which also expects 365% growth over the next five years.
The value of this type of mobile payment should reach $1.2 trillion by 2027. While the volume of these payments will grow by 383%, reaching 39.5 billion.
It will be mainly thanks to the regulatory change brought about by the introduction of the SCA strong authentication standard, as part of PSD2.
OEM payment solutions such as Apple Pay will facilitate the use of biometrics. Both facial recognition and fingerprint recognition will be used for these transactions.
