The value of biometrically authenticated remote mobile payments is set to reach $1.2 trillion globally by 2027, according to new research from analyst house Juniper Research.
Juniper attributes the market’s future growth, up 365 per cent from $332 billion in 2022, to factors such as recent regulatory changes, including the introduction of SCA (Strong Customer Authentication), which is pushing greater adoption.
The new research also highlighted OEM (Original Equipment Manufacturer) Pay solutions, such as Apple Pay, as a driver of mobile payment biometrics adoption.
In terms of volume, Juniper predicted biometrically authenticated remote mobile payments will grow by 383 per cent over the next 5 years, reaching 39.5 billion globally by 2027.
Juniper highlighted facial recognition as a key driver of biometrics in mobile payments but warned that with the use of facial recognition increasing, the technology has become a target for malicious actors using advanced spoofing techniques, such as digital injection attacks.
The analyst house encouraged mobile authentication vendors to prioritise the design and implementation of enhanced liveness detection, and anti-spoofing techniques, to combat the fraud.
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