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Biometric Mobile Payments to Hit $33 Billion, Says Report

Research group Acuity Market Intelligence has estimated that the revenues generated by biometric mobile payments will reach $33.3 billion by 2020. The mobile biometric marketplace is more complex, broadly based, and growing faster than previous forecasts indicated, said the firm in a statement, adding "Mobility is the driving force that will unleash the long awaited biometric revolution". The group said the $33.3 billion estimate includes 4.76 billion biometrically enabled smart mobile devices generating $6 billion in biometric sensor revenue and 4 billion biometric app downloads generating $20 billion in annual revenues from direct purchase and software development fees. There will also be 825 billion biometrically secured payment and non-payment transactions by 2020, generating $6.8 billion in authentication fees.

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