Acquiring, Biometrics, Daily news, facial recognition, Identity -

Facial recognition for payments authentication to hit 1.4 billion users

A new study has found that the number of users of software-based facial recognition to secure payments will exceed 1.4 billion globally by 2025, from just 671 million in 2020.

Facial recognition for paymentsThis rapid growth of 120% demonstrates how widespread facial recognition has become; fuelled by its low barriers to entry, a front-facing camera and appropriate software.

The research identified the implementation of FaceID by Apple as accelerating the growth of the wider recognition market, despite the challenges during the pandemic with face mask use.

The research recommends that facial recognition vendors implement robust and rapidly evolving AI based verification checks to ensure the validity of user identity, or risk losing user trust in the authentication method as spoofing attempts increase.

Fingerprint Sensors Dominant, Hardware-based Recognition Growing

The new research, Mobile Payment Authentication: Biometrics, Regulation & Market, found that fingerprint sensors will feature on 93% of biometrically equipped smartphones in 2025.

This compares favourably to hardware-based facial recognition, with just 17% of biometrically equipped smartphones featuring these capabilities in 2025.

“Hardware-based recognition is growing, but the ability to carry out facial recognition via software is limiting its adoption rate,” says Research co-author Susan Morrow.

“As the need for a secure mobile authentication environment grows, smartphone vendors will need to increasingly turn to more robust hardware-based systems to keep pace with fraudsters’ evolving tactics.”

Voice Recognition for Payments Growing – Limited in Scope

The research also found that the use of voice recognition for payments is increasing, from 111 million users in 2020, to over 704 million in 2025.

The report identified that, at present, voice recognition is mostly used in banking, and will struggle to grow beyond this, due to concerns around robustness.

The research recommends that vendors adopt a multi-method biometric strategy, which encompasses facial recognition, fingerprints, voice and behavioural indicators to ensure a secure payment environment.

 

The post Facial recognition for payments authentication to hit 1.4 billion users appeared first on Payments Cards & Mobile.