Biometric Mobile Payments to Exceed 16B Transactions by 2020

Goode Intelligence has featured our biometric security solution in their latest research report, which focuses on how biometric mobile payments will increase from 120 million transactions in 2015 to over 16 billion by 2020.

In his report – Mobile Biometrics for Financial Services; Market & Technology Analysis, Adoption Strategies & Forecasts 2015-2020 – author Alan Goode cites the most promising biometric sensing modalities as behavioral, eye including Iris and eye-vein, face, fingerprint, and voice.

The use cases Alan mentions run the gamut of circumstances where HYPR biometric tokenization for mobile can meet or exceed the level of assurances the highly regulated financial services sector seeks. These scenarios include authentication for banking apps (e.g., payment transaction authorization), authentication at ATMs for cash withdrawal, authentication of telephone banking via a bank’s call center, overall security, authentication of contactless mobile payments at the point of sale, authentication of in-app purchase, and verification of out-of-band transactions.

Alan also notes that “mobile-based biometrics is an ideal solution for transaction authorisation to reduce card-not-present fraud and could be adopted for 3D Secure (3DS) 2.0.,” a nod to biometrics’ ability to upgrade the XML-based protocol that bankcard issuers already use as an additional layer of security.

Visit our website’s biometric authentication use cases page for more information on how our solution accommodates that growing needs of fintech innovation including for mobile.