Biometric payments to see adoption momentum in 2014: report

January 31, 2014 - 

Research and Markets has announced the addition of a new Javelin Strategy and Research report on biometrics in the banking and payments sector to its catalogue.

Titled, Biometrics in Banking and Payments: Versatile Voice Faces An Apple-Led Fingerprint Revolution, the new report suggests biometric systems may finally make a breakthrough in adoption figures. “Several aspects of the consumer technology have conspired to facilitate biometrics’ deployment at the same time as providers are working out the kinks which have impeded their effectiveness,” the company said.

That being said, the group says the major obstacle to the proliferation of biometrics will be consumer trust. However, financial institutions which face this challenge can partner with merchants to pave the way for acceptance.

In terms of which topics the new report specifically tackles, Research and Markets lists the following: Which form of biometrics technology do consumer prefer?; Which features do consumers consider important for biometric authentication?; What issues are affecting adoption among financial institutions and merchants; How would the use of biometrics affect consumer online banking frequency; How would the use of biometrics affect consumer e-commerce shopping frequency?; Which biometric solutions are best suited to authenticate consumers during online applications?

According to separate research from the Biometrics Research Group, biometric technology has been projected to cut bank operational risks by 20 percent, following adoption over the next ten years.

In addition, the group estimates that mobile commerce will drive millions of biometric smartphone shipments as well as billions in transactions. 

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About Adam Vrankulj

Adam Vrankulj is an editor for BiometricUpdate.com. His background consists of online news writing, editing and content marketing. Adam has written for CBCNews.ca, BlogTO and was the editor and curator for the nextMEDIA and CIX Source publications. He has a degree in journalism and is passionate about science, technology and social innovation. Contact Adam, or follow him at @adamvrankulj