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Data for today’s episode is provided by Mercator Advisory Group’s Report: Biometrics Use Is on the Rise for Payments: Banks and Merchants, Get Ready to Adopt Faces and Fingertips for Authentication
U.S. Biometric Methods Adoption for Opening Smartphones:
- Among biometric methods used to open a smartphone, fingerprint readers had 70% of the market share in 2016.
- Voice recognition had 18% of the market share in 2016.
- Facial recognition had just 12% of the market share in 2016.
- Facial recognition has since gained traction, accounting for 33% of the market share in 2020.
- Fingerprint readers had 48% of the market share in 2020.
- Voice recognition has remained steady, accounting for 18% of the market share in 2020.
Mercator Advisory Group released a new report covering biometric authentication titled Biometrics Use Is on the Rise for Payments: Banks and Merchants, Get Ready to Adopt Faces and Fingertips for Authentication. The research explains the current market and discusses the driving factors that influence rate of adoption and how different stakeholders can gain a foothold in this rapidly growing ecosystem.
This report covers the breadth of today’s biometric authentication technologies, including how the introduction of behavior-based security has the potential to transform the payments industry. Through outlining the success and challenges faced by global entities in implementing this cutting edge technology, this report provides readers with valuable insights on how to introduce innovative products in this field. Additionally, the legislative developments at the state and federal levels in biometrics and consumer privacy are outlined to provide readers with a comprehensive perspective on the current regulatory landscape.
“Since our 2017 report, COVID-19 and shifting consumer preferences have accelerated the deployment of biometric authentication in the payments industry,” comments Tim Sloane, Vice President Payments Innovation, Mercator Advisory Group. Sloane continues: “In this rapidly developing field, it is necessary to have a firm understanding of the potential and limitations of the technology, including anticipated challenges in tailoring it to meet your market needs. It is time for all payments and financial entities to learn about privacy concerns and legislation, new developments, and the partnership opportunities in biometrics.”