After Failing to Live Up to Hype in 2015, Mobile Payments Should Embrace Innovations Like Multi-Modal Biometrics to Provide Ease of Use and Security Consumers Seek, Says Lux Research
BOSTON, MA–(Marketwired – Jun 7, 2016) – Mobile payment systems have been touted as the future of financial transactions, but current systems will need to add biometrics in order to hasten adoption and meet expectations of astronomical growth rates, according to Lux Research.
A prudent mix of biometric technologies — incorporating the best security features, ease of use and cost — running on smartphones offers the best opportunity of clocking growth rates of over 200% in 2016.
“Companies developing biometric authentication products need to build partnerships or innovate and consider multimodal biometric platforms to stay in the game,” said Tiffany Huang, Lux Research Associate and lead author of the report titled, “Securing Mobile Payments with Biometric Authentication.”
“It is hard to see one biometric usage winning in the medium- to far-term,” she added.
Lux Research analysts evaluated key biometric technologies and rated them on metrics such as cost, usability and security, assessing how they affect each player in the mobile payment ecosystem. Among their findings:
The report, titled “Securing Mobile Payments with Biometric Authentication,” is part of the Lux Research Sensors Intelligence service.
Lux Research provides strategic advice and ongoing intelligence for emerging technologies. Leaders in business, finance and government rely on us to help them make informed strategic decisions. Through our unique research approach focused on primary research and our extensive global network, we deliver insight, connections and competitive advantage to our clients. Visit www.luxresearchinc.com for more information.