Billions of smartphone owners will soon be authorising payments using facial recognition
A new analysis conducted by Juniper Research found that in the next few years, billions of users will regularly use facial recognition technology to make payments through their devices. Smartphone users already have the capability to use facial recognition to unlock their screens or log into certain applications, however, the uses of this technology in personal devices will likely witness massive growth over the next several years as it presents a more secure alternative to passwords. In addition to facial recognition technology, Juniper predicts that several different biometrics will be increasingly used, including voice, iris, and fingerprint recognition.
Biometric capabilities will reach 95% of smartphones globally in the next five years, according to the analysis. This means that users’ biological characteristics will be used to authenticate payments totaling $3 trillion worldwide. Mobile devices are already beginning to replace credit cards through applications such as Apple Pay, enabling users to leave their wallets at home. However, the analysis warns that this development, although more secure, will come with its own cyber risks.