OEM Pays fuel 'extraordinary' biometric payments growth

Biometrics will authenticate over $3 trillion of payment transactions in 2025, up from $404 billion in 2020, according to Juniper Research.

This will be fuelled by increased use of OEM Pays (such as Apple Pay and Samsung Pay), for both remote and in-store payments.

#Biometrics to secure over $3 tn in mobile payments by 2025; driven by shift to app-based #mCommerce.

The extraordinary growth of over 650% will be fuelled by OEM Pays (such as #ApplePay and #SamsungPay), for remote and in-store payments.

Find out more: https://t.co/XyTrxwIS4Z pic.twitter.com/ORgMvIyPSk

— Juniper Research (@juniperresearch) February 1, 2021

But although biometric capabilities will reach 95% of smartphones globally by 2025, only 35% of these smartphones will be used for making such payments in e-commerce in the same year.

Stored card-on-file payments without biometric security remain common in e-commerce, and it will require significant efforts by stakeholders to transition spend to biometrically secured methods.

Juniper Research flags contactless cards as a major threat, as they do not require the extra verification step, meaning that payment vendors need to incentivise wallet use to drive greater adoption of biometrics. 

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