Leading mobile wallets are increasingly offering biometric solutions for payment authentication. In a world where smart technology has dominated many industries globally, changes introduced by biometric payments are expected to improve the ways in which people transact.
According to a report from Juniper Research
“The size of the mobile payments opportunity has been boosted by the greater availability of fingerprint sensors.”
There are estimates that by 2020, biometrics will be used to authenticate almost 65% of all m-commerce transactions.
There are also estimates that the global biometrics technology market will reach $22 billion by 2020.
Why mobile biometric payments are expected to triple in 2017
Mobile technology has made it easier for consumers to transact. As an added security measure, many tech companies have included biometric technology in their devices. So fingerprint and iris scanners are becoming increasingly mainstream. With the popularity of smart technology, more tech companies are manufacturing devices that are designed to improve security for consumers. As a result, the latest smart devices often have biometric technology embedded, making it more likely for users to make use of this technology when making payments. Credit card fraud may be curbed as more people make use of biometric payment technology.
In the financial services sector, companies have also introduced mobile biometric payments as a way of improving safety as well as to facilitate faster payments. Various types of fraud are curbed with biometric payments as well, so consumers are likely to feel safer when making payments.
For instance, MasterCard has introduced payment cards with biometric capabilities. These cards combine chip technology with fingerprints to verify the cardholders’ identity for in-store purchases.
The fingerprint biometric technology is helping to deliver additional convenience and security.