FaceByFace , transactions are authorised POS and they don ’ t need a device ,” affirms Conti-Vecchi . This is an important detail for emerging markets , particularly in the MEA and APAC markets , where the democratisation of payment capabilities remains an ongoing project for FSIs collectively . “ We ’ re already generating a lot of interest with companies in the Middle East , and large-scale investments like those recently pledged by Alipay ($ 420m over a three-year period ) prove that there ’ s a growing market for facial recognition .” In fact , Juniper Research
predicts that biometrics will be used to authenticate $ 2trn of global sales by 2023 – 17 times larger than 2018 ’ s figure of $ 124bn .
Security in a cashless society In addition to convenience and inclusivity , biometrics also have the benefit of being a much more secure form of ID . After all , it ’ s far harder to steal someone ’ s credentials when they themselves are the security incarnate .