The use of facial recognition for payment authentication is expected to transform the world of e-commerce by 2025, according to a new study. A Juniper Research report says the use of such software is expected to increase by 120% from just 671 million in 2020, and software-based facial recognition is expected to exceed 1.400 billion users worldwide by 2025. The rise is largely attributed to affordability, as millions of mobile users now have a front-facing camera and compatible software like Apple's FaceID, even though many users have been embarrassed by face masks during the coronavirus pandemic. However, the results underscore the need for facial recognition providers to implement more effective AI-based verification checks. The report warns that failing to improve the validity of a user's identity during online transactions could reduce user trust, especially as phishing attempts increase.
Secure payments
With payment authentication poised to undergo a major transformation in the coming years, the study also highlights the broader improvements that are taking place. Fingerprint sensors are another area of growth, with 93% of smartphones forecasting to have biometric capabilities by 2025. By contrast, hardware facial recognition is expected to only feature on 17% of smartphones. biometrically equipped with these capabilities by 2025. Likewise, the appeal of voice recognition for payments is growing and is expected to grow from 111 million users in 2020 to more than 704 million in 2025. However, the report suggests that its use you will have a hard time getting much further. While voice recognition for payments is primarily used in the banking industry, its wider acceptance seems unlikely due to concerns about its robustness. Ultimately, the report's findings conclude by recommending that providers use a multi-method biometric strategy. In other words, combining the use of facial recognition and fingerprints with voice and behavioral cues could help improve the secure payment environment. Research co-author Susan Morrow explains: “Hardware facial recognition is growing, but the ability to perform facial recognition via software is limiting its rate of adoption. As the need for a secure mobile authentication environment grows, smartphone vendors will need to increasingly look to more robust hardware systems to keep up with the evolving tactics of fraudsters. "