Biometrics to Secure Over $5.6 Trillion of Payments by 2020

London, October 2, 2015 (Newswire.com) - In its latest Analyst Report, Biometrics for Payments – Payments Security Gets Personal; Market and Technology Analysis, Adoption Strategies and Forecasts 2015-2020, Goode Intelligence also predicts that by 2020 over 226 billion biometrically secured payment transactions will be made.

According to Goode Intelligence, payments are the main driving force for the wide-scale adoption of biometrics in the consumer market. Today, millions of customers (350 million plus during 2015) are using biometrics on a daily basis around the world to provide secure convenient user authentication and transaction authorisation with this trend set to continue and accelerate.

An important message from this report is that biometrics for payment use is not just a mobile theme. We are seeing increased activity across a wide range of payment types with distinct regional variations. Outside of the North America, Europe and Asia Pacific regions, where mobile biometric payments will dominate, we are seeing biometric technology in a variety of payment scenarios including its use directly at physical point-of-sale terminals and by using biometric cards. Visa's recent announcement on biometric standards for EMV cards is an indication that PINs and passwords are coming to the end of their shelf-life in protecting payments against rising levels of fraud. Biometric vendors are experiencing tremendous growth on the back of the escalation of consumer-led adoption of biometric security. The adoption for payment purposes is a major contributor to this growth and Goode Intelligence forecasts that by 2020 it will contribute US$5.6 billion in revenue from $5.6 trillion worth of payments for companies involved in delivering biometric systems to the payments industry.

Alan Goode, Managing Director

Mobile Payments are a major driver with the need for ‘authentication speed’ creating demand for a frictionless user experience that biometrics can meet.

Alan Goode, author of the report and founder of Goode Intelligence said “An important message from this report is that biometrics for payment use is not just a mobile theme. We are seeing increased activity across a wide range of payment types with distinct regional variations. Outside of the North America, Europe and Asia Pacific regions, where mobile biometric payments will dominate, we are seeing biometric technology in a variety of payment scenarios including its use directly at physical point-of-sale terminals and by using biometric cards.

“Visa’s recent announcement on biometric standards for EMV cards is an indication that PINs and passwords are coming to the end of their shelf-life in protecting payments against rising levels of fraud.”

“Biometric vendors are experiencing tremendous growth on the back of the escalation of consumer-led adoption of biometric security. The adoption for payment purposes is a major contributor to this growth and Goode Intelligence forecasts that by 2020 it will contribute US$5.6 billion in revenue from $5.6 trillion worth of payments for companies involved in delivering biometric systems to the payments industry.”

The report identifies the major trends shaping this industry and includes analysis of how biometrics is reshaping the payments industry. The following payment types and technologies are covered:

·         Physical Retail Store – Point-of-Sale (POS) terminal integration

·         eCommerce (web-based payments)

·         Mobile Payments

·         Wearable Payments

·         Bitcoin

·         ATM (cash and Bitcoin)

Goode added “This is not just about one biometric technology dominating on one device. Our analysis of the current and future adoption of biometrics for payments informs us that at least eight separate biometric technologies will be used in different payment scenarios. Biometrics are being adopted in both ‘static’ and ‘active’ use cases, combining to allow payment service providers (PSP) the ability to gain greater insight into customer identity, thus preventing fraudulent payment activity. Additionally, tighter integration between ‘in-device’ and ‘in-network’ biometrics is allowing PSPs to accurately determine the difference between authorised and fraudulent payment transactions.”

​Goode Intelligence has identified eight biometric technologies that are reshaping the payment security market:

·         Behavioral

·         Eye (Iris and Eye-Vein)

·         Face

·         Fingerprint

·         Finger-Vein

·         Heartrate

·         Palm-Vein

·         Voice

The report includes an analysis of all eight biometric technologies with a review of the active vendors offering these biometric solutions.

Further information about the Biometrics for Payments report can be found at: http://www.goodeintelligence.com/report-store/view/biometrics-for-payments-payment-security-gets-personal-market-technology-analysis-adoption-strategies-forecasts-20152020

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About Goode Intelligence

Goode Intelligence is a leading research, analysis and consultancy organisation for the information security, authentication, identity and biometrics industry; providing services to global technology and telecommunications organisations.  For more information about Goode Intelligence please visit www.goodeintelligence.com

For further information contact:

Michelle Welch, Goode Intelligence

Tel: +44 776 672 8622 Email: michelle.welch@goodeintelligence.com

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