{"id":7791,"date":"2022-06-21T17:26:55","date_gmt":"2022-06-21T16:26:55","guid":{"rendered":"https:\/\/telecomkh.info\/?p=7791"},"modified":"2022-06-21T17:26:55","modified_gmt":"2022-06-21T16:26:55","slug":"biometrically-authenticated-remote-mobile-payments-to-reach-1-2-trillion-globally-by-2027","status":"publish","type":"post","link":"https:\/\/telecomkh.info\/?p=7791","title":{"rendered":"Biometrically authenticated remote mobile payments to reach $1.2 trillion globally by 2027"},"content":{"rendered":"<p><strong>Security regulations to drive adoption of biometric authentication systems<\/strong><\/p>\n<p>A new study from Juniper Research has found that the value of biometrically authenticated remote mobile payments will reach $1.2 trillion globally by 2027; rising from $332 billion in 2022. These transactions use biometrics, typically facial and fingerprint recognition, to authenticate remote mobile payments. This growth of 365% is driven by recent regulatory changes, with the introduction of SCA (Strong Customer Authentication) pushing greater adoption.<br \/>\nThe new research, Mobile Payment Biometrics: Key Opportunities, Regional Analysis &amp; Market Forecasts 2022-2027, identified OEM (Original Equipment Manufacturer)-Pay solutions, including Apple Pay, as a driver of mobile payment biometrics adoption. The report urged OEM-Pay vendors to use their influence over smartphone design to enhance built-in biometric systems within devices and ensure that security is maintained as new threats emerge.<br \/>\nFor more insights, download the free whitepaper: Mobile Payments ~ A Biometric Future<\/p>\n<p><strong>SCA Critical to Market Growth<\/strong><br \/>\nThe SCA requirement of PSD2 (Second Payment Services Directive) has pushed financial institutions to implement biometric authentication. To meet this requirement, financial institutions have capitalised on smartphone biometric authentication capabilities; accelerating the technology\u2019s adoption. The research found that the volume of biometrically authenticated remote mobile payments will grow by 383% over the next 5 years, reaching 39.5 billion globally by 2027.<br \/>\nTo maintain trust and reduce fraud, financial institutions are implementing step-up authentication, where certain transactions are escalated for biometric approval based on risk scoring. Therefore, vendors must offer multiple ways to authenticate, as well as developing new techniques to keep biometrics secure.<\/p>\n<p><strong>Facial Recognition to Boost Mobile Biometrics Adoption in Payments<\/strong><br \/>\nThe report found that facial recognition is paving the way for greater adoption of biometrics in mobile payments, with OEM-Pay solutions leveraging the near ubiquity of facial recognition capabilities to provide frictionless checkout experiences for customers. 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. In response, mobile authentication vendors must prioritise the design and implementation of enhanced liveness detection, and anti-spoofing techniques, to combat the ever-evolving role of fraudulent players and ensure that security is not compromised.<\/p>\n<p><em><span style=\"color: #999999;\">Above, photo by<\/span> <span style=\"color: #999999;\">Maksim Chernishev on Unsplash<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Security regulations to drive adoption of biometric authentication systems A new study from Juniper Research has found that the value of biometrically authenticated remote mobile payments will reach $1.2 trillion globally by 2027; rising from $332 billion in 2022. These transactions use biometrics, typically facial and fingerprint recognition, to authenticate remote mobile payments. This growth &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/telecomkh.info\/?p=7791\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> \u00abBiometrically authenticated remote mobile payments to reach $1.2 trillion globally by 2027\u00bb<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":7792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[66],"tags":[],"_links":{"self":[{"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/posts\/7791"}],"collection":[{"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomkh.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7791"}],"version-history":[{"count":1,"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/posts\/7791\/revisions"}],"predecessor-version":[{"id":7793,"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/posts\/7791\/revisions\/7793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/telecomkh.info\/index.php?rest_route=\/wp\/v2\/media\/7792"}],"wp:attachment":[{"href":"https:\/\/telecomkh.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomkh.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomkh.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}