More smartphones are coming with technology that could be the jolt that mobile payments have been patiently waiting for.
Within five years, 100% of smartphones will include embedded biometric sensors as standard features, according to a new market forecast by Acuity Market Intelligence.
By that time, mobile biometric systems will be used to authenticate about 65% of all mobile commerce transactions, based on the forecast.
For anyone who appreciates big numbers, this represents 126 billion biometric payment transactions generating more than $1 trillion in consumer mobile commerce purchase value.
And we’re not talking just a fingerprint scanner, like many are using with Apple Pay.
There are three categories or segments of mobile biometrics:
Rather than consumers using a tablet, wearable or some type of biometric device like a fingerprint scanner or face recognition device in a store, the smartphone will be the definitive biometric mobile device at least for the next five year, according to Acuity.
Many studies show that security is a top consumer concern around any form of mobile payments.
We soon will see if biometrics is the magic bullet for mobile payments.