London, United Kingdom – 6 January 2025 – Goode Intelligence’s (www.goodeintelligence.com) latest research, Biometrics for Payments; Market and Technology Analysis, Adoption Strategies and Forecasts 2025-2030– 4th Edition, reveals that biometrics is now a must-have technology to secure customers and payments across all payment channels, both digital and physical. Biometric technology is increasingly being adopted to prevent rising levels of AI-driven identity and payment fraud at all stages of the payment process, from digital onboarding to payment transacting, through to fraud detection and prevention.
Alan Goode, founder and CEO of Goode Intelligence and author of the report, said “The pay by me revolution is well underway. Customers want choice for payments. They also want the assurance that payments are secure and safe. The payment experience must be convenient with as little friction as possible. The average online cart abandonment rate currently stands at 70 percent, with 31 percent abandoned due to friction – often led by frustration of identity and authentication processes.”
“Biometrics for payments is increasingly a vital part of a payment service providers’ toolkit in the never-ending task of reducing financial fraud and ensuring that their customers can conveniently prove their identity and authorise transactions when paying for trillions of dollars’ worth of goods and services in a variety of payment channels. Supporting customers for the entire payment journey in both physical and digital scenarios from onboarding (identity verification) to authentication, transaction authorisation and fraud detection / prevention.”
Key findings from the report include:
- A movement away from device-based to server-based biometric technology to support higher value payment transactions in the mobile channel.
- Increasing use of face biometrics and face liveness detection solutions to support identity verification and to prevent increasing levels of AI-driven fraud, including deepfakes.
- Strengthening adoption for Tokenless (naked) biometric payments leveraging integrated biometric sensors at the physical point of sale (POS).
- Rising levels of adoption for biometric technology in risk-based authentication and fraud management platforms to detect and prevent fraud.
- The emergence of digital age assurance as an important part of the payment process, meeting government online age-related regulation including the UK’s Online Safety Act (OSA).
- Biometric Payment Cards evolving into a premium card product that can meet accessibility requirements.
- Hybrid scenarios where a Biometric Digital ID offers payment as one of its applications/use cases in combination with:
- Permission to travel (Fast lane border control)
- Ticketing
- Loyalty programs
- Automotive
- In-cabin payments
- Support ride-share and autonomous
Report Highlights
The 301-page report is the most detailed and comprehensive guide to the market for biometrics for payments published to date exploring the adoption of biometric technology for payments in all parts of the payment process and across all major payment channels – from traditional to emerging – delivered by the world’s leading biometrics analyst company.
It investigates the current global adoption with market analysis including key drivers and barriers for adoption, interviews with leading stakeholders, technology analysis with review of key biometric technologies and profiles of companies supplying biometric systems for payments.
Biometric modalities covered include behavioral, face, fingerprint, finger-vein, palm-vein, palmprint, and voice. The report investigates adoption of biometric software and hardware.
It includes regional and global market forecasts for users, biometric modalities, devices, transactions, and revenue for the six-year period from 2025 to 2030.
The report forecasts that:
- There will be over 3.5 billion biometric payment users by 2030.
- Total revenue for biometric suppliers from payments will surpass $11.3 billion by 2030.
Biometrics for Payments – The Pay-by-Me Moment is available to purchase now. Further information can be found at https://www.goodeintelligence.com/report/biometric-payments-market-technology-analysis-adoption-strategies-and-forecasts-2025-2030/
About Goode Intelligence
Goode Intelligence is the leading digital trust research and consulting organisation founded in 2007 and based in London. For more information about Goode Intelligence please visit www.goodeintelligence.com
For further information contact:
Alan Goode, CEO and Chief Analyst, Goode Intelligence
alan.goode@goodeintelligence.com
Issued by:
Goode Intelligence