Global biometrics payments transactions forecast to reach $5.8tn by 2026

22/08/2023 | Bloomberg

Bloomberg reports how US consumers are increasingly able to pay for purchases and prove their age using biometric payment systems. The article highlights that Amazon is expanding its pay-by-palm device to all of its Whole Foods Market stores, while other companies like Mastercard and CLEAR have also tested similar systems.

However, by 2026, more than three billion users are expected to make almost $5.8 trillion in global annual payments using biometrics. While companies claim these systems are more secure and efficient than traditional payment methods, privacy advocates warn about the potential risks of data breaches and misuse by law enforcement.

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Biometrics payment

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