“This trend is part of the larger mobile biometrics boom, with Goode Intelligence forecasting in its report that mobile biometric payments will amount to $1.67 trillion per annum by the end of the forecast period.”
Mobile payments are going to keep climbing as the mobile biometrics boom continues to unfold in the world of financial services over the next several years, according to a new forecast from Goode Intelligence.
It’s the latest report in the firm’s Biometrics for Financial Services series, entitled “Mobile Biometrics for Financial Services; Market and Technology Analysis, Adoption Strategies and Forecasts 2018-2023 – Second Edition”. The report asserts that in 2018, 68 percent of mobile payments secured by biometrics were performed remotely, while 32 percent were done in-store; by 2023, the report predicts, that latter number will rise to 46 percent, thanks in particular to mPayments growth in China, India, and the broader APAC market.
This trend is part of the larger mobile biometrics boom, with Goode Intelligence forecasting in its report that mobile biometric payments will amount to $1.67 trillion per annum by the end of the forecast period. This is, of course, good news for the providers of mobile biometrics technology, with the industry projected to see more than $8.7 billion in revenues by 2023.
As for the specific modalities that will help to facilitate these trends, Goode Intelligence founder and CEO Alan Goode said in a report summary that fingerprint biometrics “will continue to be a dominant modality” while facial recognition “will also grow rapidly” thanks in large part to its utility in remote onboarding. The latter already proved to be a dominant trend in 2018, and evidently Goode Intelligence is betting on a continued ascent over the years to come.
January 3, 2019 – by Alex Perala