New findings from Juniper Research suggest that the use of biometric authentication is expected to rapidly increase by 2025, reports TechRadar (via MSN).
Juniper Research claims that biometrics – such as fingerprint, voice and facial recognition – should authenticate over $3 trillion of payment transactions by 2025. This would be a 650% increase compared to the $404 billion spend of 2020.
One of the main drivers behind the expected biometrics demand is the use of OEM Pays. Not only has payment technology from companies such as Apple and Samsung changed the way consumers can make transactions, but the COVID-19 pandemic has reinforced the need for it to be efficient and secure in a variety of settings.
While the research did find many consumers to still favour the use of card-on-file payment when shopping online, Juniper’s research does reinforce the need for many e-commerce outlets to invest in systems that will be able to process biometrically-secured payment.
Research Co-Author, Susan Morrow, remarked: “While biometrics are now an established part of the ecosystem, payments and e-commerce apps have not kept pace with the rate of innovation.
“Merchants must adopt biometric capabilities rapidly and educate users to best secure the increasingly massive e-commerce market.”