$5.6tn of payments to be biometrically secured by 2020

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By 2020, more than $5.6tn of payments will be secured by biometric technology, according to a report by consultancy Goode Intelligence.

 

Biometric’s is ‘not just a mobile theme’

The company’s latest analyst report, “Biometrics for Payments – Payments Security Gets Personal; Market and Technology Analysis, Adoption Strategies and Forecasts 2015-2020”, predicted that more than 226 billion biometrically secured payment transactions will be made by 2020.

Payments are the main driving force behind the wide scale adoption of biometrics in the consumer market, it said.

The report’s author and founder of Goode Intelligence Alan Goode said: “An important message from this report is that biometrics for payment use is not just a mobile theme. We are seeing increased activity across a wide range of payment types with distinct regional variations.

“Outside of the North America, Europe and Asia Pacific regions, where mobile biometric payments will dominate, we are seeing biometric technology in a variety of payment scenarios including its use directly at physical point-of-sale terminals and by using biometric cards.”

Visa’s recent announcement on biometric standards for EMV cards indicates that PINs and passwords are coming to the end of their shelf life, he added.

Today, about 350 million customers use biometrics on a daily basis to authorise transactions.

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