BASINGSTOKE, U.K.– The number of users of software-based facial recognition to secure payments will exceed 1.4 billion globally by 2025, from just 671 million in 2020, according to a new study from Juniper Research.
“This rapid growth of 120% demonstrates how widespread facial recognition has become; fueled by its low barriers to entry, a front-facing camera and appropriate software,” Juniper said, noting the research identified the implementation of FaceID by Apple as accelerating the growth of the wider facial recognition market, despite the challenges to facial recognition during the pandemic with face mask use.
The research recommends that facial recognition vendors implement robust and rapidly evolving AI based verification checks to ensure the validity of user identity, or risk losing user trust in the authentication method as spoofing attempts increase, Juniper reported.
Fingerprint Sensors
The new research, Mobile Payment Authentication: Biometrics, Regulation & Market Forecasts 2021-2025 PDF report, found fingerprint sensors will feature on 93% of biometrically equipped smartphones in 2025. This compares favorably to hardware-based facial recognition, with just 17% of biometrically equipped smartphones featuring these capabilities in 2025, Juniper stated.
“Hardware-based facial recognition is growing, but the ability to carry out facial recognition via software is limiting its adoption rate,” said research co-author Susan Morrow. “As the need for a secure mobile authentication environment grows, smartphone vendors will need to increasingly turn to more robust hardware-based systems to keep pace with fraudsters’ evolving tactics.”
A Limited Voice
According to Juniper, the research also found that the use of voice recognition for payments is increasing, from 111 million users in 2020, to over 704 million in 2025. The report identified that, at present, voice recognition is mostly used in banking, and will struggle to grow beyond this, due to concerns around robustness.
Juniper Research is recommending vendors adopt a multi-method biometric strategy, which encompasses facial recognition, fingerprints, voice and behavioral indicators to ensure a secure payment environment.
With over 50 years of experience in the credit union sector, I have had the privilege of observing and participating in its evolution from various vantage points. My journey has taken me from serving as a dedicated volunteer holding critical leadership roles, including serving on the supervisory committee, as director, and as board chairman, culminating in my tenure as CEO for 12 years and now founder and President/CEO of the National Council of Firefighter Credit Unions . This extensive background has enabled me to " Sit On Both Sides Of The Desk ," blending operational expertise with strategic oversight. In this blog post, I want to share how this dual perspective has enriched my understanding of credit union dynamics and fostered more effective governance. By leveraging the insights gained from years spent navigating both the intricacies of daily operations and the broader strategic objectives, I have witnessed firsthand the transformative power of collaboration, communi...
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