Study predicts more than twofold growth of mobile payments with biometric authentication in 2017

9 May 2017

Latest figures from the study held by Juniper Research forecast that in 2017 the total mobile payments with the use of biometric authentication will reach around $2 billion, which is more than twice increase as compared to the last year figure of $600 million. The key driver of the mobile biometrics is Apple Pay, with Samsung Pay and Android Pay further adding to the trend.

Apart from new authentication methods offered by mobile payments providers, the growth of the new payment authorization scheme is spurred by increasing availability of biometric technologies on mobile devices. About 60% of the smartphones, according to the research, are going to have fingerprint scanning sensors this year, given the growing number of Chines manufacturers joining the race and adding biometric functionality, like Xiaomi.

The study speculates that in addition to fingerprint authentication, consumers are going to heavily adopt the photo identification functionality as Mastercard plans to launch its Identity Check Mobile platform later this year to allow users to scan both their fingerprints and take photos of themselves to authenticate the transaction.

In 2016 Mastercard held a pilot test of the new biometric features, surveying customers and found that 74% of the polled liked fingerprints and photo identification accepting them as easier and more secure methods to authorize their transactions than passwords entering. Besides, 90% of the surveyed acknowledged they want to use the same authentication method for their online transactions as well.

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