From: RegTech Analyst
Fingerprint sensor technology could end up adding $5bn in biometric payments to banks around the world’s revenues by 2026, according to UBS.
The Swiss bank made the prediction on a note on Wednesday, saying that biometric payments could reach 15% market penetration over the next five years, Proactive Investors reported.
“In the past few years more than 23 pilots were reported with three commercial launches ongoing. In conclusion, despite the rise of mobile payment threat to the total cards volume, we believe biometric cards can fuel some growth within the payment cards market. We also provide an interactive model to size the market by [the end of 2026]”, UBS said.
The forecast adds to a body of research that have predicted the rise of biometrics growing role in the payments industry.
For instance, recent research from Juniper Research estimated that biometrics will be used to authenticate over $3trn mobile payments around the world by 2025, up from just about $404bn in 2020.
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