Biometrics Driving Huge Growth of Mobile Payments
May 16, 2017
Long have people been predicting the emergence of cashless societies. Credit and debit cards were the first to be billed as the cash-killer, but decades on, cash still has its place in everyday life. With new notes and coins introduced recently here in the UK, the end of cash is clearly not just right around the corner. But a new report has shown how its space is being further encroached on. Biometrics are driving rapid and quick adoption of mobile payments.
Huge market growth
A new report by Juniper research has demonstrated just how quickly mobile payments are growing. It estimates that in 2016, mobile payments around the globe totalled $600 million. However, the estimate for 2017 far exceeds last year’s total. Mobile payments are expected to total some $2 billion by the end of the year.
And it’s the convenience of biometrics, and their perceived security that is driving such adoption. Apple Pay made the break through, but now whatever kind of smartphone you have, a biometric option is not far away, with the likes of Android Pay and Samsung Pay.
There has been some development of mobile payments that use selfies and voice recognition around the world, but it is the fingerprint option that dominates. Juniper’s research estimates that some 60 per cent of phones shipped this year are expected to feature a fingerprint sensor.
Consumers are beginning to expect a fingerprint sensor, even when not buying the most high-end model.
The cashless future is not just around the corner, but if mobile payments continue to develop at such a rate, it’s only a matter of time. And it should be noted that of course, some of the growth of mobile payments is encroaching on the debit and credit card space, not just cash.
But the Institute of Electrical and Electronic Engineers are one group who believe a cashless future is on the way. A recent report estimated that by the year 2030, cash could be obsolete.
We’re big fans of cashless solutions here at BioStore. We already make thousands of schools and workplaces cashless sites with our solutions. Head here to find out more about how, we and you, can keep ahead of the curve.