The tech may not be perfect, but it is solid and provides considerably greater user convenience.
Biometrics use is expected to skyrocket in popularity over the next handful of years as a result of the widespread adoption of mobile commerce. According to data in a recent Juniper Research report the mobile security tech could peak as soon as 2025.
The use of fingerprints and facial recognition for identity verification rose by 650 percent in 2020.
As the pandemic sent millions of people worldwide to do their jobs remotely, the use of face and fingerprint scans took off. Biometrics use offered a quick and convenient way to unlock devices and apps while working from home and while seeking no- or low-contact ways to shop and complete other daily tasks.
Moving forward, the rapid rise in usage is predicted to be driven by the steady shift by consumers toward app-based shopping. The Juniper Research report indicated that fingerprint, voice, iris, and facial scans could authenticate more than $3 trillion in payments by the close of 2025. Comparatively, that figure was $404 billion in 2020.
Juniper Research credits the rise in biometrics use to the convenience it offers in-person and online.
According to the research firm, consumers are continually seeking simpler payment methods both while using their devices online, and while shopping in-store. The pandemic has driven many people to seek out new contactless options that they might not have otherwise adopted quite so quickly. Now, said the report, these methods are often favored not only because of their contactless nature, but also because of the convenience they offer.
OEM Pays, such as Samsung Pay and Apple Pay have offered their mobile payment functions for years. As they have been more widely adopted during the pandemic, they have become the leading contributing factor for the demand and use of biometric tech.
Interestingly, the report suggested that among mobile commerce payments, biometrics use is predicted to sit at only 35 percent, even though this type of technology is expected to be available in about 95 percent of all smartphones within the next four years. It indicated that consumers still prefer stored card-on-file payments for those online shoppers.