Biometric payment is a point-of-sale (POS) technology that uses biometric authentication based on physical characteristics to identify the user and authorize the deduction of funds from a bank account. In the U.S., the use of biometrics has gained popularity in grocery stores, gas stations, and convenience stores and as a form of one-click payment for online retailers, such as Amazon.
The growth of the biometric payment market is influenced by the advancements in technology and the increasing demand for secure and convenient payment methods. Technological progress in biometric authentication methods such as fingerprint recognition, iris scanning, and facial recognition is a key driver propelling the biometric payment market growth. Furthermore, the escalating threat of cybersecurity is a significant driver behind the growth of the biometric payment market. As hackers employ sophisticated methods to trick and bypass biometric technology, the need for enhanced security measures becomes paramount. Biometric payment systems offer a higher level of security by leveraging technologies such as fingerprint recognition, iris recognition, facial recognition, and voice recognition, making them more resilient to cyber threats. Moreover, the rising need for secure and convenient payment solutions due to vulnerabilities in traditional authentication methods is boosting the adoption of biometric payment systems globally. For instance, in March 2024, Fingerprint Cards AB (Fingerprints) announced the first biometric payment card rollout in Türkiye, supporting Thales, a worldwide leader in digital security, and Garanti BBVA and its customers. The launch marks Fingerprints' and Thales' eleventh commercial rollout globally for biometric payment cards. However, privacy and data security concerns, as well as operational challenges related to privacy, security, and ROI restrain the growth of the biometric payment market. These factors hinder the widespread adoption of biometric payment solutions and influence decision-making processes within the market. On the contrary, the rising use cases and formats of authentication devices and government initiatives promoting financial inclusion present avenues for growth and innovation within the biometric payment industry, offering the potential for expansion and development.
The biometric payment market is segmented into type, biometric mode, application, and region. On the basis of type, the market is divided into contact-based, contactless, and hybrid. On the basis of biometric mode, the market is categorized into fingerprint recognition, facial recognition, voice recognition, iris scans, and others. As per application, the market is differentiated into BFSI, retail and e-commerce, healthcare, transportation, government, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East and Africa (GCC Countries, South Africa, and rest of Middle East and Africa).
The key players operating in the global biometric payment market include Fujitsu, NEC Corporation, Mastercard, Visa Inc., IDEMIA, Fingerprint Cards AB, Alibaba Group Holding Limited, VeriFone, Inc., Thales Group, and Google LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the biometric payment industry.
The growth of the biometric payment market is influenced by the advancements in technology and the increasing demand for secure and convenient payment methods. Technological progress in biometric authentication methods such as fingerprint recognition, iris scanning, and facial recognition is a key driver propelling the biometric payment market growth. Furthermore, the escalating threat of cybersecurity is a significant driver behind the growth of the biometric payment market. As hackers employ sophisticated methods to trick and bypass biometric technology, the need for enhanced security measures becomes paramount. Biometric payment systems offer a higher level of security by leveraging technologies such as fingerprint recognition, iris recognition, facial recognition, and voice recognition, making them more resilient to cyber threats. Moreover, the rising need for secure and convenient payment solutions due to vulnerabilities in traditional authentication methods is boosting the adoption of biometric payment systems globally. For instance, in March 2024, Fingerprint Cards AB (Fingerprints) announced the first biometric payment card rollout in Türkiye, supporting Thales, a worldwide leader in digital security, and Garanti BBVA and its customers. The launch marks Fingerprints' and Thales' eleventh commercial rollout globally for biometric payment cards. However, privacy and data security concerns, as well as operational challenges related to privacy, security, and ROI restrain the growth of the biometric payment market. These factors hinder the widespread adoption of biometric payment solutions and influence decision-making processes within the market. On the contrary, the rising use cases and formats of authentication devices and government initiatives promoting financial inclusion present avenues for growth and innovation within the biometric payment industry, offering the potential for expansion and development.
The biometric payment market is segmented into type, biometric mode, application, and region. On the basis of type, the market is divided into contact-based, contactless, and hybrid. On the basis of biometric mode, the market is categorized into fingerprint recognition, facial recognition, voice recognition, iris scans, and others. As per application, the market is differentiated into BFSI, retail and e-commerce, healthcare, transportation, government, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East and Africa (GCC Countries, South Africa, and rest of Middle East and Africa).
The key players operating in the global biometric payment market include Fujitsu, NEC Corporation, Mastercard, Visa Inc., IDEMIA, Fingerprint Cards AB, Alibaba Group Holding Limited, VeriFone, Inc., Thales Group, and Google LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the biometric payment industry.
Key Benefits for Stakeholders
- The study provides in-depth analysis of the biometric payment market along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the biometric payment market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the biometric payment market from 2024 to 2033 is provided to determine the market potential.
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Key Market Segments
By Type
- Contact-Based
- Contactless
- Hybrid
By Biometric Mode
- Fingerprint Recognition
- Facial Recognition
- Voice Recognition
- Iris Scans
- Others
By Application
- BFSI
- Retail and E-commerce
- Healthcare
- Transportation
- Government
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- Gcc Countries
- South Africa
- Rest of Middle East And Africa
Key Market Players
- Fujitsu
- NEC Corporation
- Mastercard
- Visa Inc.
- IDEMIA
- Fingerprint Cards AB
- VeriFone, Inc.
- Google LLC
- Alibaba Group Holding Limited
- Thales Group
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BIOMETRIC PAYMENT MARKET, BY TYPE
CHAPTER 5: BIOMETRIC PAYMENT MARKET, BY BIOMETRIC MODE
CHAPTER 6: BIOMETRIC PAYMENT MARKET, BY APPLICATION
CHAPTER 7: BIOMETRIC PAYMENT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Fujitsu
- NEC Corporation
- Mastercard
- Visa Inc.
- IDEMIA
- Fingerprint Cards AB
- VeriFone, Inc.
- Google LLC
- Alibaba Group Holding Limited
- Thales Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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