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Contactless Payments To Hit 1.4 Billion Users Soon

Contactless payments have been one of FinTech’s most prized innovation, silently growing in popularity within all types of commerce and shopping, with the pandemic skyrocketing its adoption across the board.

As such, facial recognition for payments is on track to become the new norm of payment methods as the number of users of software-based facial recognition to secure payments will exceed 1.4 billion globally by 2025, from just 671 million in 2020, a new study by Juniper Research found.

This rapid growth of 120 percent demonstrates how widespread facial recognition has become; fueled by its low barriers to entry, a front-facing camera and appropriate software.

“We identified the implementation of FaceID by Apple as accelerating the growth of the wider facial recognition market, despite the challenges to facial recognition during the pandemic with face mask use,” the research highlighted.

Seeing that technological innovation tend to trickle down toward other uses, all indications point toward the inevitable growth toward facial recognition for payments.

However, researchers at Juniper recommend that facial recognition vendors implement robust and rapidly evolving AI‑based verification checks to ensure the validity of user identity, or risk losing user trust in the authentication method as spoofing attempts increase.

Fingerprint sensors dominant, facial recognition growing

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The new research – called ‘Mobile Payment Authentication: Biometrics, Regulation & Market Forecasts 2021-2025’ – found that fingerprint sensors will feature on 93 percent of biometrically equipped smartphones in 2025.

This compares favorably to hardware-based facial recognition, with just 17 percent of biometrically equipped smartphones featuring these capabilities in 2025.

“Hardware-based facial recognition is growing, but the ability to carry out facial recognition via software is limiting its adoption rate. As the need for a secure mobile authentication environment grows, smartphone vendors will need to increasingly turn to more robust hardware-based systems to keep pace with fraudsters’ evolving tactics,” research co-author Susan Morrow explained.

Voice recognition for payments growing, but limited in scope

In parallel, the report also found that the use of voice recognition for payments is increasing, from 111 million users in 2020, to over 704 million in 2025. The research identified that, at present, voice recognition is mostly used in banking, and will struggle to grow beyond this, due to concerns around robustness.

“Juniper Research recommends that vendors adopt a multi-method biometric strategy, which encompasses facial recognition, fingerprints, voice and behavioral indicators to ensure a secure payment environment,” the report authors noted.

Source: insidetelecom

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