India Fingerprint Payment Market to Grow at Steady Rate During Forecast Period
Need to reduce payment fraud and technology standardization
to drive India fingerprint payment market during forecast period
According
to TechSci Research report, “India
Fingerprint Payment Market By Application, Competition, Forecast &
Opportunities, 2024”, India fingerprint payment market is expected to grow at a steady rate during the
forecast period on account of proliferation of fingerprint sensors in consumer
electronics, in order to improve customer experiences. Moreover, increasing
demand for biometrics technology across various applications is further positively
influencing the growth of the market. Fingerprint on card technology is a new approach
which equips the payment card with a fingerprint scanner and an algorithm for
matching and authenticating one’s print. When the customers want to make a
purchase, they can simple place their finger on the card’s sensor to
authenticate the identity and authorize the transaction. It does not take much
time, and there’s no need to enter a PIN code or sign a receipt, due to which
the India fingerprint payment market is projected to rev up during 2024. Typically, the existing identity verification
methods require to remember and enter a password, which can be time consuming. Rapid
advancements in fingerprint scanning have made the technology faster, more
accurate, and more cost-effective to produce. In order to ensure that a
cardholder’s data is protected, the fingerprint biometric is stored only on the
card.
Browse market data Tables and Figures spread through Pages and an
in-depth TOC on " India Fingerprint Payment Market"
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India
fingerprint payment market is segmented based on application and region.
Considering the application, the market can be segmented into banking, retail,
account managing, government and others. Among all of these, the fingerprint
sensor market for the banking and finance application is anticipated to record
the highest CAGR during the forecast period. The growth of the market for this
application is attributed to the use of biometric smart cards in banks and
finance-related organizations to reduce the payment fraud.
Some of the market players in India
fingerprint payment market are NXP Semiconductors, NEXT Biometrics, Fingpay, IDEX Biometrics, TROIKA Transsolutions
Pvt. Ltd, BIO-key, HYF Group, Axton Group, Suprema biometrics & security
and Integrated Biometrics are the leading players operating in India fingerprint
payment market.
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“The
need for convenient and secure payment methods is fueling the demand for
fingerprint biometrics, thereby giving a healthy push to India fingerprint
payment market. Moreover,
growing government initiatives such as e-passports and introduction of other
e-government processes, increasing demand for advanced security systems against
crimes, frauds, terrorist activities, hackings, etc., are some of the other
major factors expected to drive the market over the next five years. Biometric payment cards are emerging as the
next innovation in payment cards. The payment card is here to stay and
fingerprint authentication within the card is the next natural evolution to
retain convenience while increasing security.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based India management consulting
firm.
“India Fingerprint Payment Market By Application,
Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India fingerprint
payment market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India fingerprint payment market.
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