Press Release

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.

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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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