Remote mobile payments authenticated by biometrics are predicted to reach $1.2 trillion by 2027, according to a new study.
In its paper Mobile Payment Biometrics: Key Opportunities, Regional Analysis & Market Forecasts 2022-2027 , Juniper Research has predicted a 365% rise in the value of biometric payments over the next five years. The current value is $332bn.
Solutions such as Apple Pay are likely to be a key driver of said growth, alongside the introduction of Strong Customer Authentication (SCA) checks as part of the EU’s Second Payment Services Directive (PSD2).
“To maintain trust and reduce fraud, financial institutions are implementing step-up authentication, where certain transactions are escalated for biometric approval based on risk scoring,” Juniper explained.