Biometric authentication is likely to be over $2 trillion by 2024. Juniper Research says that mobile payments are likely to see a steep rise in the next couple of years given the trends in the conversion of businesses from physical to digital. When there is a rise in e-commerce and smartphone use for business, there will also be a steep rise in fraudulent attempts as well.
Hackers will attempt to break passwords and coding systems to enter the apps and siphon off with loads of swag. A fraud attempt is not a good thing because it keeps customers from converting from physical to digital as they fear the loss of data and money to hackers. This makes biometric authentication a must for your app. Also, this creates demand for a professional payment solution service like huawei in app purchase services.
Biometric authentication has got the wind in its sails. Its market share is growing at an exponential rate. The need and desire for innovative methods are giving space to new methods of security. The biometric authentication concept is growing and gaining more market share as users are exhibiting interest in converting from physical payment methods to digital payment methods. The online payment service may turn out to be a bit tedious if you are using up to date systems. Users may be asked to enter the password multiple times and may also be redirected to bank website pages to insert the code the bank has sent them. This is to ensure that the authorized person is making the transaction. The authentication process is a necessity but as the process is tedious and boring, it also deters and discourages potential customers from coming back again for shopping.
Consumers are now more likely to accept biometric authentication on apps and payment solutions because they are now more aware of cyberattacks and their negative impacts.
Also, the rise in the use of biometric authentication is also an effort by several companies to meet the growing needs of the business. When a customer is sure that his or her data is secure, he or she is more likely to get engaged in your business and spend money as well.
Businesses run on reputation. A single hacking attack can jeopardize your reputation and in turn the future of your business. Therefore, your company must achieve innovation that will ensure growth in your online business.
No more password authentication
Off goes password authentication to the garbage can. The future is now going to revolve around the use of voice recognition, face recognition, and fingerprints verification. These are more secure and safe methods for apps that involve payment systems. Consumers will need to verify their identity through one or more biometric authentication methods. Even two-step verification, some experts opine, is going to see the sunset shortly. With more security, businesses can provide a better experience to their users while they are making purchases. Also, biometric verification is faster than two-step verification and passwords.