Research into the future of the mobile payments ecosystem has concluded that biometrics will play an essential role in its growth.Current systems will need to add biometrics in order to hasten adoption and meet expectations of astronomical growth rates, according to a study by Lux Research.In terms of modalities, a “prudent mix” of biometric 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.The report finds that palm vein – presumably at a POS rather than on a smartphone – is the most secure modality but that cost is a barrier.”Palm vein sensors would be optimal for mobile purchases at a physical point of sale but are prohibitively expensive,” said Lux.”Iris scan is ideal for wireless application protocol (WAP) — where users buy products on a website or app — as it takes less than a second. However, high cost limits adoption, and the required sensors are not found on the majority of mobile devices”The report, titled “Securing Mobile Payments with Biometric Authentication,” is part of the Lux Research Sensors Intelligence service.

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