Skip to main content

Facial recognition to secure payments will exceed 1.4 billion globally by 2025

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.
 

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Trump Administration Spurs Credit Unions' Return To Cryptocurrency

  03/06/2025 06:11 pm Share         By Ray Birch DALLAS—The Trump Administration is bringing more credit unions back to offering cryptocurrency, says Bank Social, which offers advice to CUs considering stepping into this space. The return to offering the service by more credit unions follows a sharp decline in cooperatives offering crypto services to members following the collapse of FTX in late 2022 and the sudden departure of NYDIG within the CU industry not long afterward. Becky Reed, COO of crypto platform Bank Social, said the two primary reasons credit unions are coming back is the Trump Administration’s pro-crypto agenda and its emphasis on deregulation. “The last six months we have seen interest begin to gain ground in digital assets—not just for investing but for payments, fractional lending and more,” said Reed. GlobalData banking analyst Harry Swain said FIs could face fewer crypto regulatory hurdles under the Trump Administration. “As you'll, recall ...
Post a Comment
Read Complete Article HERE>»

Buy Now, Pay Later Keeps Gaining Ground: New Study Shows Growth Surge

03/10/2025 06:31 pm Share         TROY, Mich.— A new study reveals the appeal of buy now, pay later is not waning, as the service saw significant growth last year. The J.D. Power 2025 U.S. Buy Now Pay Later Satisfaction Study shows BNPL enjoyed continued, significant growth in the number of consumers using the product year over year, with the highest usage among consumers from Generations Y and Z, and the highest growth period during the holidays. “The BNPL segment has undoubtedly grown in popularity, with more customers using these services than ever before,” said Sean Gelles, senior director of banking and payments at J.D. Power. “That’s been especially true around seasonal periods of higher spending, such as the holidays. Card-based BNPL products continue to lead the charge on satisfaction, as issuers are leveraging their existing brand awareness and equity to retain would-be defectors.” Following are some of the key findings of the 2025 study: Gene...
Post a Comment
Read Complete Article HERE>»

Caught in Dot Partners with Boston Firefighters Credit Union

2 min read By  Maureen Dahill Published On: March 13th, 2025 Categories:  News 0 Comments on Caught in Dot Partners with Boston Firefighters Credit Union Big news, Dorchester!  Caught in Dot  is proud to announce our partnership with  Boston Firefighters Credit Union (BFCU) —a true neighborhood institution that’s been serving our local heroes since 1948. As a woman-owned business, we’re thrilled to team up with a community partner who shares our values of supporting and uplifting the people who make Boston great. BFCU was founded by Boston firefighters with one mission in mind:  “People Helping People.”  What started as a way to assist firefighters struggling financially has grown into a full-service financial institution serving  nearly 12,000 members —but their dedication to first responders and their families has never wavered. Over the years, membership has expanded beyond firefighters to include all Massachusetts first responders, including p...
Post a Comment
Read Complete Article HERE>»

The Pros and Cons of Tariffs

Since there has been so much discussion on Tariffs, I felt a post would benefit our membership. Grant Sheehan CEO NCOFCU Tariffs 1440 Business & Finance Background A tariff—a word derived from the Arabic arafa, meaning “to make known”— is a tax imposed by a government on goods that are imported or exported . Historically, tariffs have served as a primary source of revenue and a means to protect domestic industries, as they make foreign products more expensive, encouraging consumers to purchase locally produced goods. The tools have a checkered history, famously bolstering US textiles, German steel, Japanese cars, South Korean technology, and more, arguably contributing to major economic downturns like the Great Depression. Tariffs can be specific (a fixed fee per unit) or ad valorem (a percentage of the item's value). Purpose Economically, tariffs aim to protect domestic industries, generate government revenue, and influence trade policy. By imposing taxes on imported goods —wh...
Post a Comment
Read Complete Article HERE>»

Mike Richards CPA Industry Trends

Weekly News Summary Here are some things that were in the news last week. Please share these articles with your Supervisory Committee and Board of Directors. If you missed previous editions of the weekly news, summaries of those can be viewed at our archive.    Happy Holidays! Mike Richards, CPA      Economic and Industry Issues Knowledge is the key to effective corporate governance. Staying abreast of economic and industry issues affecting your credit union will prepare you for those responsibilities. Facing year-end cut off, U.S. banks scramble to extend COVID accounting relief Read More  NCUA Quarterly U.S. Map Review – Third Quarter 2020 Read More  Payments Trends In The Age of Coronavirus Read More  The lasting impact of COVID-era audits Read More   Regulatory and Accounting Issues ...
Post a Comment
Read Complete Article HERE>»