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:
- Biometric
Sensors -- Embedded in smart mobile devices including smartphones, tablets and wearables
- Biometric Apps -- Offered directly by biometric vendors, or downloaded to smart devices via mobile
service providers such as banks, payment processors, social media sites, retailers or online identity providers.
- Biometric Authentication -- For payment and non-payment transactions
provided via secure cloud-based services linked to biometric apps on smart devices.
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.
Any bets?