Tag: biometrics

Smartphone payments growth: Biometrics to play major role

Recent research reveals that biometrics will be essential for speeding up mobile payments adoption.

A study conducted by Lux Research has concluded that biometrics security technologies will play a vital role in the growth of smartphone payments and that current mobile payment system will need to include biometrics to hasten adoption and meet expectations of huge growth rates. According to Tiffany Huang – a Lux Research analyst and author of the 50-page report, “Securing Mobile Payments with Biometric Authentication” – in order to be successful in the future, developers of payment software and smartphone vendors need to consider a variety of new biometric techniques and the multimodal approach.

Biometrics technologies could make mobile payments more appealing to smartphone users.

According to a US Federal Reserve survey published back in 2015, 75% of the 2,137 people surveyed said that they didn’t use mobile payments because they felt it was easier to pay with credit/debit cards or cash. Meanwhile, 59% refrained from paying with their mobile device because they were worried about privacy and security, reported Computerworld.

Smartphone Payments - biometrics technology“Once biometrics are adopted to assure users [and banks] of security, it will help drive mobile payment adoption,” said Huang.

Essentially, until American consumers see the value in using a mobile device to make payments instead of a credit card, and view it as safe, m-payments adoption will never take off on a large scale. However, biometrics could change that.

Huang stated in an interview that “Biometrics are needed to improve mobile payment usage,” adding that “It’s hard to see one biometric usage winning in the medium-to-far-term.”

Different biometric approaches would be needed depending on the smartphone payments.

Huang researched many companies in the mobile payments ecosystem, such as credit companies and banks as well as software and hardware designers, and evaluated new biometrics technologies based on cost, security and ease of use. Among the technologies examined were fingerprint scans and scans of palm veins, irises, eyeprints, electrocardiograms (ECGs), faces and voices.

What was found was that different biometric approaches are required depending on the type of mobile transaction. For instance, the vast majority of customers wouldn’t want to pose for a few seconds for a voice or facial scan in front of other customers waiting behind them in line. On the other hand, while palm vein sensors would be a far more ideal in-store point-of-sale biometrics technology, the cost of such authentication technology is far too high to be considered a practical option.

In her report Huang noted that as new smartphone payment platforms are introduced by companies like Walmart, it becomes harder for a single biometric approach to dominate. Nevertheless, she believes that the mobile payments industry will play a role in shaping which biometrics technology gains popularity.

Mobile Biometrics Market 2016 to grow at a CAGR of 128.4% during the period to 2020

Mobile biometrics is a technology used to measure and analyze human body characteristics to authenticate the access to and use of mobile devices such as smartphones, tablets, and phablets. Biometrics is widely used for authentication purposes as it provides an extra layer of security, reducing the chances of forgery. It involves the verification and identification of physiological traits, such as fingerprint recognition, facial recognition, DNA, palm print, hand geometry, iris scan, retina scan, and behavioral traits, such as keystroke patterns and speech pattern/voice recognition.

Global Mobile Biometrics market to grow at a CAGR of 128.4% over the period 2014-2019.

Covered in this Report

This report covers the present scenario and the growth prospects of the Global Mobile Biometrics market for the period 2015-2019. To calculate the market size, the report considers revenue generated from the sales of mobile biometric solutions.

The report also provides detailed analysis of various biometrics technologies such as:

Fingerprint recognition
Voice recognition
Facial recognition

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The report consolidates the revenues generated from the following major end-users:

Enterprise users
Individual consumers

Further, the report provides detailed analysis of biometric applications such as:

Access control
Mobile payment

It presents the vendor landscape and a corresponding detailed analysis of the top four vendors in the market. In addition, the report discusses the major drivers that influence the growth of the Global Mobile Biometrics market. It also outlines the challenges faced by vendors and the market at large, as well as key trends emerging in the market.

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Key Regions

Latin America
North America

Key Vendors

3M Cogent

Other Prominent Vendors

BioEnable Technologies
ImageWare Systems
Precise Biometrics
SIC Biometrics