Face Swiping Payment Global Market Report 2024

The face swiping payment market size has grown rapidly in recent years. It will grow from $5.79 billion in 2023 to $6.93 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. The growth witnessed in the historical period can be ascribed to fluctuations in fuel prices, government incentives and regulations, increased environmental awareness, the expansion of biofuel infrastructure, and strategic alliances within the automotive industry.

The face swiping payment market size is expected to see rapid growth in the next few years. It will grow to $14.12 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The anticipated growth in the forecast period can be attributed to the enforcement of stringent emission standards, heightened consumer awareness and environmental consciousness, the global expansion of biofuel infrastructure, incentives for sustainable transportation, and collaborative efforts in renewable energy initiatives. Prominent trends in the forecast period encompass the integration of advanced engine technologies, an emphasis on enhancing fuel efficiency, the development of hybrid flex fuel vehicles, educational and awareness initiatives, the incorporation of renewable fuel standards (RFS), and a focus on research and development for advanced biofuels.

The face-swiping payment market is anticipated to experience growth driven by the rising demand for contactless payments. Contactless payments involve wireless financial transactions, where customers make purchases by bringing a security token in close proximity to the vendor's terminal. Face-swiping payment technology facilitates contactless payments, offering speed and convenience as users can complete transactions without physical contact with cards or devices. In 2022, UK Finance reported that approximately 17 billion contactless payments were made using debit and credit cards, marking a 30% increase from 13.1 billion in 2021, highlighting the growing popularity of contactless payments.

The increasing digital transformation is contributing to the growth of the face-swiping payment market. Digital transformation, involving the use of digital technology to reshape processes, cultures, and consumer experiences, has led to the adoption of cashless transactions and contactless technologies. This transformation has spurred demand for secure and convenient payment methods. Face-swiping payment, utilizing advanced facial recognition technology, enables safe and contactless transactions, enhancing consumer experiences and simplifying payment procedures. A report from the European Investment Bank in May 2022 revealed that 46% of EU enterprises have taken initiatives to become more digital, compared to 58% of US firms. Additionally, the US has a higher percentage of firms using current digital technology (66% vs. 61% in the EU). Thus, the increasing digital transformation is a key driver for the face-swiping payment market.

The growth of the face-swiping payment market is anticipated to be hampered by security risks. Concerns about the susceptibility of biometric data to hacking and identity theft have led to apprehensions among both consumers and businesses, hindering the widespread acceptance of face-swiping payment methods. In November 2022, the Australian Signals Directorate's Australian Cyber Security Centre reported over 76,000 cybercrime reports, marking a 13% increase from the prior fiscal year. This equates to one claim every 7 minutes, compared to every 8 minutes in the previous fiscal year, highlighting the potential for unauthorized access and data breaches that restrain the face-swiping payment market.

Key players in the face-swiping payment market are actively engaged in developing innovative contactless payment systems with advanced technological solutions. One notable example is the 'Smile To Pay' system introduced by Mastercard in May 2022. This facial recognition technology allows users to make payments by utilizing facial biometrics, such as smiling or waving, to authorize transactions. Mastercard's initiative aims to enhance the overall payment experience by providing a secure and convenient payment alternative, reducing the need for physical interaction during transactions. This aligns with the broader trend of contactless and biometric-based payment solutions, addressing security concerns associated with face-swiping payments.

In December 2021, Intema S.a.r.l., a Luxembourg-based technology company, completed the acquisition of VisionLabs B.V., a Netherlands-based visual recognition company, for an undisclosed amount. This strategic move positions Intema S.a.r.l. to further develop, launch, and market AI-based face recognition technology products globally, leveraging VisionLabs B.V.'s expertise in pioneering facial recognition solutions.

Major companies operating in the face swiping payment market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Tencent Holdings Ltd., Visa Inc., NEC Corporation, WeChat Pay, Xiaomi Corporation, Alipay, PAX Global Technology Limited, UnionPay International Co. Ltd., CloudWalk Technology Co. Ltd., Facephi Biometria SA, Mastercard Inc., Zoloz Co. Ltd., Innovatrics, VisionLabs B.V., Smile Identity, FacePay Inc., FaceTec Inc., Telepower Communication Co. Ltd., PopID Inc., PayByFace B.V., SnapPay Inc.

Asia-Pacific was the largest region in the face swiping payment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the face swiping payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the face-swiping payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Face-swiping payment is a payment mechanism employing biometric facial recognition technology, facilitating a swift transaction process for customers at retail stores, restaurants, and various businesses. This method provides a seamless and contactless payment experience.

The primary categories of face-swiping payment encompass payment equipment and payment systems. Payment equipment refers to devices such as card payment terminals, also known as credit card machines, chip and PIN machines, electronic point of sale (EPOS) systems, payment terminals, or point of sale (POS) systems. These devices incorporate various technologies such as facial recognition and image recognition, catering to different applications such as retail, restaurant, travel, and others.

The face-swiping payment market research report is one of a series of new reports that provides face-swiping payment market statistics, including face-swiping payment industry global market size, regional shares, competitors with a face-swiping payment market share, detailed face-swiping payment market segments, market trends and opportunities, and any further data you may need to thrive in the face-swiping payment industry. This face-swiping payment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The face-swiping payment market consists of revenues earned by entities by providing services such as secure payment infrastructure, biometric data protection, and integration with payment networks. The market value includes the value of related goods sold by the service provider or included within the service offering. The face-swiping payment market also includes sales of biometric payment devices, kiosk, point-of-sale (POS) systems, biometric payment cards, and biometric wearables. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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