Mobile biometrics will authenticate $2 trillion worth of in-store and remote mobile payment transactions annually by 2023. This is 17 times the $124 billion expected in 2018, as initiatives furthering secure remote payment transactions and more open biometric platforms proliferate.
The figures are contained in a new report from Juniper Research.
“The possibilities for software-based continuous behavioural biometric authentication are huge,” says a spokesperson for Juniper. “The flexible programming allows businesses to deploy any level of authentication they require relatively easily, while ensuring that transactions are properly authenticated.”
The research forecasts that the fastest growth will come from biometrically-verified remote mCommerce transactions, reaching over 48 billion in volume by 2023. This will be around 57 per cent of all biometric transactions, up from an estimated 28 per cent in 2018.
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Biometrics Come to Remote Transactions, Modalities Broaden
The new 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 researchers say that over 80 per cent of smartphones will have some form of biometric hardware by 2023, representing just over 5 billion smartphones. This has traditionally meant fingerprint sensors, but facial recognition and iris scanning will become more prominent over the next five years, with adoption exceeding 1 billion devices.
Biometrics Gets Behavioural
Despite this hardware proliferation, Juniper believes the main innovations in mobile biometrics lie with ‘Biometrics-as-a-Service’, software which employs AI to check users’ identities on any platform.
Juniper’s report estimates that nearly 90 per cent of smartphones currently in use can support software-based facial recognition, while 80 per cent 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.