Payment on biometrics

Acquiring (processing)

• Acquiring (processing)

Biometric identification (world market)

• Biometric identification (world market)

2020: The world amount of the payments perfect by means of biometrics reached $404 billion - Juniper Research

The world volume of the payments made by means of biometric data (fingerprints, an eye iris of the eye, a voice and face recognition) in 2020 reached $404 billion. Data of Juniper Research analytical company demonstrate to it.

In a new research under the name "Safety of mobile payments: key features, the strategy of suppliers and forecasts of the market for 2021-2025" it is said that biometric data become crucial for creation attractive and convenient for users of applications as mobile payments continue to dominate more and more in the field of payment solutions.

In 2020 the world amount of the payments perfect by means of biometrics reached $404 billion

The coauthor of a research Susan Morrou explains:

Though the biometrics is an integral part of an ecosystem now, applications for payments and e-commerce lag behind rates of innovations. Sellers should implement quickly biometric opportunities and train users as much as possible to secure the growing e-commerce market.

The research showed that contactless mobile payments are a pacing factor of growth of use of biometrics, and payment cards, on the contrary, constrain development. Researchers are concerned by the fact that proximity cards can pose a threat as their use does not assume additional verification. It means that suppliers of payment solutions should stimulate use of purses to promote more widespread introduction of biometrics.

According to experts, e-commerce payments using cards are left an everyday occurrence without biometric protection that indicates that from concerned parties considerable efforts for transfer of users to the payment methods assuming biometric protection will be required.^[1]

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