Mobile biometrics will authenticate $2 trillion worth of in-store and remote mobile payment transactions annually by 2023, according to Juniper Research. This is 17 times the $124 billion expected in 2018.
It says this growth will be driven both by industry standardisation initiatives, like Visa’s Secure Remote Commerce, and smartphone vendors introducing different forms of biometric authentication.
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. It forecasts over 1.5 billion smartphones to use software-based biometrics by 2023.