Biometric payments to rise nearly 2 bln

January 2018
Powered by the paypers | Risk Management, Digital Identity, Security & Online Fraud

A new study by Juniper Research has found that the number of mobile payments authenticated by biometrics will rise to nearly 2 billion, up from just over 600 million in 2016.

The new research - Mobile Payment Security: Biometric Authentication & Tokenisation 2017-2021 - reveals that 60% of smartphone models are expected to ship with such sensors this year, with many Chinese vendors incorporating them into mid-range models.

One expects to see strong adoption of the authentication app recently unveiled by India’s identification authority, through which merchants can verify a customer’s ID via either fingerprint or iris scan. Indeed, since the biometric data is linked to a bank account, the process acts as both authentication and transaction enabler.

The research also argued that the key challenge for service providers would be striking the right balance between end-user convenience and solution security. As research author Dr. Windsor Holden pointed out, the more secure the solution, the more time-consuming the authentication process. It is essential to offer a range of verification options allowing clients to determine what level of security is required for a given authentication.