Biometric Mobile Payments to Reach $2 Billion in 2017

Biometric Mobile Payments to Reach $2 Billion in 2017

May 9, 2017         Written By Bill Hardekopf

The biometric mobile payment market will hit $2 billion in 2017, up from just $600 million in 2016, according to a new report from Juniper Research.

Biometric payments are those authorized with fingerprints, iris scanners or facial recognition. Apple Pay was the first major mobile platform to utilize biometric technology, but other mobile wallets such as Samsung Pay and Android Pay have continued to fuel growth in the market. Even PayPal now allows for fingerprint authorization on its mobile app, along with standard username and password logins.

Juniper noted that 60% of smartphones will be shipped with fingerprint sensors this year. This is no longer a luxury purely reserved for high-end cell phones. Many mid-range models are now being released with biometric technology.

Biometrics are more secure than PINs or passwords. Some people have found ways to hack Mastercard’s selfie-pay using a live photo on another phone, but the success is hit or miss. Amazon has been working on ways to combat this security flaw in their pay-by-selfie program by asking users to complete certain tasks for their facial recognition (such as smile, blink, or tilt your head).



The information contained within this article was accurate as of May 9, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Cash Back Card
Top Features : No Annual Fee, Bonus Offer, Cash Back