New York, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) -- A type of identification known as biometric payment cards analyses and recognizes individuals based on their physical and behavioural traits. Among them are body movement, voice recognition, facial patterns, iris, retinal scanning, fingerprints, and facial patterns. “The global biometric payment cards market size is projected to reach USD 5,878.32 million by 2030, growing at a CAGR of 62.50% during the forecast period (2022–2030),” stated by Research Manager at Straits Research P. Ltd.
Key Drivers
Biometric payment systems have become more popular due to increased demand for improved security and identification during payment processes or transactions. The biometric payment security and identification system comprise hardware, software, and services. The system is made up of these three primary components. As a result, the increasing adoption of biometric systems for various applications such as entry systems, payment processes, and so on, along with the benefits associated with them, such as seamless and enhanced end-user experience, is a contributing factor to the increasing adoption of biometric payment systems.
Increased internet penetration, smart device adoption, mobile transaction volume, and digitalization are observed globally, especially in developed and developing nations, resulting in a change in payment mode. In addition, the increased security provided by biometric payment terminals is also driving their demand. The increasing use of biometric payment terminals in the BFSI industry vertical is the most effective application of the technology, and its contribution to the global biometric payment market is the greatest.
Growth Opportunities
Biometric payment systems are point-of-sale (POS) technologies that employ biometric authentication to enable transactions and payments. In addition to fingerprint biometric authentication technology, biometric technology advancements have led to the development of advanced biometric authentication technologies such as palm recognition, eye recognition, etc. Fingerprint authentication-enabled biometric payments, on the other hand, are the most widely adopted on the market due to the relative affordability and usability of fingerprint identification systems. The introduction of a multi-modal biometric payment terminal system, a solution that permits identification via multiple identification modes such as fingerprint, iris, palm, and others, all from a single biometric payment terminal, exemplifies how far technology has advanced.
Regional Analysis
North America dominated the market for biometric payment cards and generated the most revenue. The regional market expansion can be attributed to the presence of numerous market participants. In North America, the increased use of contactless cards as a payment method is anticipated to generate market expansion opportunities.
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Key Highlights
- The retail sector dominated the market and generated the highest revenue share in the Biometric Payment Cards Market.
- Based on card type, the market is divided into credit cards and debit cards. The debit cards segment dominates the market, accounting for the majority of revenue during the forecast period.
- Based on end-user, the market is categorized into retail, transportation, healthcare, hospitality, and government.
- North America dominated the market for biometric payment cards and generated the most revenue.
The major players in the global biometric payment cards market are:
- Bio-idz
- BNP Paribas
- Goldpac Fintech
- IDEX Biometrics ASA
- Infineon Technologies AG
- MasterCard
- NXP Semiconductors
- Thales Group
- Visa Inc.
- Zwipe
Market News
- In June 2022- Linxens Holding SAS and IDEX Biometrics ASA announced an agreement in which Linxens will become a global provider of IDEX's complete biometric smart-card turnkey solution, leveraging both companies' technologies and expertise. This allows cardmakers to develop smart cards faster by incorporating the highest-performing fingerprint sensor.
- In June 2022- Verizon partners with Mastercard and FNBO to launch a small business credit card. Verizon Business announced that it is teaming up with Mastercard and First National Bank of Omaha (FNBO) to launch a credit card designed to bring value to small business owners.
Global Biometric Payment Cards Market: Segmentation
By Card Type
- Credit Cards
- Debit Cards
By End-User
- Retail
- Transportation
- Healthcare
- Hospitality
- Government
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
About Straits Research Pvt Ltd.
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