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Biometric Payment Market Overview, Outlook, Size, Share, Demand 2024-2033
Biometric Payment Market Overview
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According to The Business Research Company's, The biometric payment market size has grown strongly in recent years. It will grow from $39.38 billion in 2023 to $42.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to security and fraud prevention, financial inclusion, rising cybersecurity threats, consumer convenience, increasing popularity of biometric wearables, government initiatives, .
The biometric payment market size is expected to see strong growth in the next few years. It will grow to $60.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to growing e-commerce, growing contactless payments, widespread use of smartphones, enhanced data privacy. Major trends in the forecast period include biometric payment cards, multi-modal biometrics, continuous authentication, voice and speech recognition, cross-channel authentication technologies.
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Market Drivers and Trends:
The increasing demand for secure payment solutions is expected to propel the growth of the biometric payment market going forward. Secure payment solutions refer to methods, technologies, and processes designed to ensure financial transactions' safety, integrity, confidentiality, and sensitive payment information during electronic payment processes. The increasing demand for secure payment solutions has driven the adoption of biometric payment methods, which meet evolving security needs while providing a valuable balance between security and user convenience in the modern payment ecosystem. For instance, in March 2021, according to Finaria, a UK-based finance and investment company, global digital payments will hit $6.6 trillion, and mobile POS payments are expected to contribute 37%, or almost $2.5 trillion, to the value of digital payments in 2021. Furthermore, this value is anticipated to increase by 90% to $4.6 trillion by 2025. Therefore, the increasing demand for secure payment solutions will drive the growth of the biometric payment market.
Major companies operating in the biometric payments market are developing new innovative biometric checkout program, to make payments more convenient and secure for consumers. The new biometric checkout program is designed to enhance payment convenience and security for consumers by enabling merchants to offer biometric payment options, including facial recognition and fingerprint scanning, during checkout. For instance, in May 2022, Mastercard Inc., a US-based credit card company, launched its Biometric Checkout Program, an innovative payment system designed to make payments more convenient and secure for consumers. They will allow merchants to offer biometric payment options, such as facial recognition and fingerprint scanning technologies, at checkout and promises a new way for merchants to accept payments. The solution combines chip technology with fingerprints to conveniently and safely verify the cardholder's identity for in-store purchases. Moreover, it offers several advantages over traditional payment methods, and it is becoming increasingly accepted by merchants and consumers.
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Biometric Payment Global Market Report 2024
Apple Inc., Alphabet Inc., Samsung Electronics Co Ltd., Alibaba Group Holding Limited, Fingerprint Cards AB, Tencent b-bldings Limited, Fujitsu Ltd., Visa Inc., Paypal Holdings, NEC Corporation, Mastercard Incorporated, Safran S.A., Thales Group, NXP Semiconductors N.V., ASSA ABLOY Group, Ant Group, Gemalto, PagSeguro Digital Ltd., IDEMIA, Cielo SA, Verifone Systems. Inc., StoneCo Ltd., Linxens Holding SAS, Network International Holdings plc., KONA I Co Ltd., Suprema Inc., Payconiq International SA, Mada Communications Int'l , Precise Biometrics, CardLab Inc.
Biometric Payment Market 2024 Key Insights:
• The biometric payment market size is expected to see strong growth in the next few years. It will grow to $60.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Rising Demand For Secure Payment Solutions Fuels Growth In The Biometric Payment Market
• Innovative Biometric Checkout Programs Transforming Payment Convenience And Security In The Market
• North America was the largest region in the biometric payment market in 2023
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