Biometric payment card forecast predicts 579m cards in circulation by 2023
Biometric cards’ ability to enable frictionless customer authentication for higher value contactless transactions will lead to the technology gaining widespread adoption by 2023, Goode Intelligence predicts, with a total of almost 579m biometric payment cards in use around the world in five years’ time.
“After a year of pilots for biometric payment cards in 2018 we will see additional pilots in 2019 with even a small number of commercial deployments,” CEO Alan Goode explained to NFC World.
“2020 will be the year that we shall see an acceleration of biometric payment card shipments for customers around the world.
“As enrolment models are refined and card prices reduce, the benefits to consumers of security and convenience with the ability to use these cards for higher value payments in physical locations including retail stores will further accelerate adoption of biometric payment cards.”
Overall, Goode Intelligence predicts that more than 2.6 billion people will be using biometrics to secure payments by 2023, driven by a number of factors including consumer desire for frictionless authentication while paying, the need to reduce payment fraud, industry and state regulation and technology standardisation.
– nfcworld.com –