Global ecommerce payment market to reach $135 billion by 2022

Technavio expects the global ecommerce payment market to reach $135 billion by 2022, as the trend of using biometric technologies integrated into mobile devices to make retail payment more secure and safe continues.

The rising use of biometrics for mobile payments is a key market trend, according to Technavio’s new report, “Global E-commerce Payment Market 2018-2022.” The market is being driven by increasing usage of wireless networks, with wireless technologies such as 4G and wireless broadband rapidly decreasing in price, and wireless internet distribution increasing. Improved wireless infrastructure provides a functional and efficient platform for vendors, while security concerns are encouraging integration of network-access control capabilities into the digital ecosystem to protect against malicious software, network vulnerabilities, breaches, and security threats, according to Technavio.

The trend of increasing payments by mobile device is leading to rapid innovation of fingerprint, voice, iris, signature, keystroke, and facial recognition, according to the report, and multimodal biometrics are being used for individual identification.

The report provides research of the market applications including cards, bank transfers, e-wallets, direct debit, and mobile, and the geographic breakdown of the market, and considers the key regions of APAC, the Americas, and EMEA.

Security and privacy concerns are presented by the report as the key market challenge, as the indiscriminate use of cookies and location-based online services can infringe privacy, and consumer data stored by ecommerce vendors is a target for hackers.

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