August 9, 2016 -
Technavio has released a new report on the global mobile payment security software market, which analyzes key trends expected to affect the market outlook from 2016-2020.
In the report, Technavio ICT research analysts identify the top three emerging trends driving the global mobile payment security software market as the introduction of mobile biometrics, the development of multi-factor authentication, and the increased adoption of multimodal biometrics.
Technavio lead analyst Amrita Choudhury explains that the increasing occurrences of theft of private financial data has led to more and more customers adopting mobile payment security software for mobile devices.
Putting these security measures in place will curb fraudsters from breaching credit and debit card information as the “entire payment transaction requires authorization between the merchant’s acquirer and issuing bank.”
“With an increase in the use of mobile devices for conducting financial and e-commerce transactions, the security of personal data has become a major concern,” said Choudhury. “A number of biometric technologies such as fingerprint recognition, voice recognition, iris recognition, signature recognition, keystroke recognition, and facial recognition are being integrated into mobile devices, which will ensure authorized access to personal data transmitted through wireless networks. It will ensure the security of data and prevent fraudulent activities.”
In the retail sector, the integration of biometric technologies in mobile devices can be used to recognize registered customers and to authorize transactions to their credit card or debit account, according to the report.
For instance, mobile biometrics is being used for a number of POS applications to authenticate end-users.
The report also points out that mobile biometrics is being used for banking transactions to authorize individuals, such as the Royal Bank of Scotland allowing its customers to use Apple’s Touch ID fingerprint sensor to log into their bank accounts.
Previously reported, Technavio published a new report entitled “Global Two-Factor Biometrics Market 2016-2020“, which forecasts that the global market will grow at CAGR of over 22% between 2016 and 2020.