According to newly published research from Juniper, while Apple Pay had provided the catalyst for initial growth, other leading wallets including Android Pay and Samsung Pay were increasingly offering biometric solutions for authentication.
And, according to Juniper, the size of the market opportunity has been boosted by the greater availability of fingerprint sensors.
Around 60% of smartphone models are expected to ship with the sensors this year, with many Chinese vendors incorporating them into mid-range models.
Informally known as “selfie pay”, the Mastercard solution allows users to scan their fingerprints and/or take selfies to validate their identities and thereby make payments.
Juniper also says it expects to see strong adoption of the authentication app recently unveiled by India’s identification authority, through which merchants can verify a customer’s ID via either fingerprint or iris scan.
And Juniper says that since the biometric data is linked to a bank account, the process acts as both authentication and transaction enabler.
On the issue of convenience versus security, the research argued that the key challenge for service providers would be striking the right balance between end-user convenience and solution security.
Research author Dr Windsor Holden says that, “typically, the more secure the solution, the more time-consuming the authentication process”.
“It is essential to offer a range of verification options allowing clients to determine what level of security is required for a given authentication,” Dr Holden concludes.
To access Juniper’s complimentary whitepaper – Mobile Biometrics-thumbs Up? – and to read the full research report click here.