Biometric Payments Projected to Increase by 365% in 5 Years

Biometric authentication has allowed people to make payments through their phones, and this tech has been seeing quite a high rate of adoption because of the fact that this is the sort of thing that could potentially end up making commerce more convenient to conduct. The total value of transactions conducted via biometrically authenticated mobile payments is around $332 billion which reveals the prevalence of this method of payment and how readily people are switching over to it.

With all of that having been said and now out of the way, it is important to note that this already hefty mobile economy is projected to increase to around $1.2 trillion by 2027. This comes from a report that was recently released by Juniper Research, and it highlights the exponential growth that such payment methods have seen in recent years. This is a staggering increase with all things having been considered and taken into account, and much of it is being driven by major corporations offering new and improved payment methods such as Apple Pay being offered by its namesake.

Regulations within the EU are also a factor in this growth because they are mandating authentication to reduce the prevalence of online fraud. All of the data points to mobile payments becoming the norm, with even card usage potentially becoming secondary to them in the future. However, any move to an entirely digital platform will result in a corresponding increase in digital attacks, and spoofing in particular appears to be a major cause for concern here.

It is estimated that there will be around 39.5 billion mobile payments made in the year 2027, which would be a 383% increase from 2022. That means that everyone in the world will make an average of five mobile payments, although it is most likely going to be concentrated in wealthier countries. Africa is also seeing a lot of digital payment progression, and this might lead to the creation of a cashless society where all transactions are conducted securely thanks to the trustworthiness of the authentication that this payment mode inherently offers.

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