Facial recognition in payment verification is set to transform the world of e-commerce by 2025, new research says.
A report by Juniper Research claims that the use of this software is expected to increase by 120%. In 2020, only 671 million people used facial recognition, while by 2025, users of this software are expected to exceed 1.4 billion users.
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The rise is largely attributed to affordability, as millions of mobile phone users have a front-facing camera and compatible software like Apple's FaceID.
However, the findings highlight the need for facial recognition vendors to develop more effective AI-. The report warns that failure to improve the validity of users’ identities during online transactions could erode user trust, especially as spoofing attempts increase.
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While payment authentication is set to undergo a huge transformation over the next few years, the study highlights the broader improvements that will occur.
Fingerprint sensors are another growth area, with 93% of smartphones expected to have biometric capabilities by 2025. In contrast, hardware-based facial recognition is expected to work on only 17% of biometric-equipped smartphones that will have these capabilities in 2025.
Similarly, the use of voice recognition for payments is growing and is expected to grow from just 111 million users in 2020 to over 704 million by 2025. While voice recognition for payments is primarily used in the banking sector, its wider adoption seems unlikely.
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Ultimately, the report’s findings conclude by recommending that merchants use a multi-method biometric strategy. In other words, combining the use of facial recognition and fingerprints along with voice and behavioral indicators could help improve the secure payment environment.
Information source: techradar.com
