Smartphone payments security to migrate from hardware to software enablement

The most significant shift in mobile payment security will be the move from hardware-based methods to software-based methods that rely on standard smartphone components, according to new research from Juniper

The research forecasts that users of these methods will increase from an estimated 429 million in 2018 to over 1.5 billion in 2023. Juniper believes that this will usher in an era where mobile payments authentication utilises multiple biometrics based on people's device usage patterns.

Juniper found that fingerprint biometrics are becoming increasingly prevalent, and forecast that 4.5 billion smartphones will use the technology by 2023, according to a press release.

However, Juniper believes that fingerprint ID will decline as a portion of biometric identification methods as iPhone X and other smartphones incorporate facial and eye-based identification.

In fact, the company believes the use of fingerprint security in smartphones will decline from 95 percent in 2018 to less than 90 percent by 2023. With the increase in software-based biometrics, fingerprint sensor use will become contextual, rather than the default biometric option.

For more on the future of mobile biometrics, download the free whitepaper, 3 Steps to Prepare for Multimodal Biometric Payments.

Source: ATM Marketplace