Biometric Mobile Payments to Reach $2 Billion in 2017
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).