Mobile biometric payments will surpass $1.67 trillion per year by 2023, according to research from biometrics research and consulting firm Goode Intelligence.
The London-based firm also found that 68% of biometric payments happened remotely and 32% occurred in store in 2018. By 2023, it expects that balance to shift, with only 54% of biometric payments happening remotely and 46% occurring in store.
“The delivery of financial services is being transformed by a series of digital mega-events that include the Open Banking revolution where these banks and payment services providers are being forced, either by regulation such as the EU’s PSD2 or by pressures from fintech providers, to open up their digital infrastructure to third parties using APIs,” Goode Intelligence founder and CEO Alan Goode said. “This, coupled with the need for speed and friction removal from a range of financial services, has created the demand for alternative identity solutions that can operate in a range of channels from traditional, for example ATMs, to the latest digital financial services including mobile, web and IoT.”
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