India Fingerprint Payment Market expected to Register a High CAGR Through 2028
Increasing adoption of digital
payment methods is expected to drive the India Fingerprint Payment market.
According to TechSci Research
report, “India Fingerprint Payment Market - By Region, Competition, Forecast
& Opportunities, 2028”, India Fingerprint Payment market is growing
owing to an increase in the use of fingerprint payment by the need for a better
security and identity system during payment procedures or transactions. The
hardware, software, and services make up the biometric payment security and
identity system. Therefore, the general increase in the use of fingerprint
systems for various applications, including entry systems and payment
processes, as well as the advantages, such as seamless operation and improved
end-user experience, etc., are contributing factors to the growing adoption of
fingerprint payment, thereby, driving the India fingerprint payment market.
For instance, for contactless
payments at businesses and physical access control, Amazon created a palmprint
biometric device. The Amazon One will initially be installed in a few Amazon Go
stores, and the company will be able to maintain contact with potential
consumers. Therefore, these developments are driving the India fingerprint
payment market growth.
In India, Aadhaar
Card fingerprint-based online cashless payment system. Instead of having to
carry around cards and remember unique card passwords and PINs, a number of
installment system types use unique mark installment systems.
People are categorized
based on their physical traits using a biometric method called fingerprint
technology. Fingerprints are the most used biometric authentication method.
Wireless and fingerprint payment systems are far safer, more secure, and
simpler to use than prior systems such as credit card, debit card, and net
banking payment systems. Even without a password or secret code, it can be used.
The Unique
Identification Authority of India (UIDAI) recently upgraded the Aadhaar Enabled
Payment System with a new security feature (AEPS). The security measure known
as fingerprint "liveliness" is expected to assist in preventing the
use of fake fingerprints to withdraw money through AEPS. Now, the PoS can
confirm whether the used fingerprint comes from a person who is still alive or
not.
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Key market
players in the India Fingerprint Payment Market include:
- Synaptics
Incorporated
- Apple India Private
Limited
- Thales India Pvt
Ltd.
- NEC Corporation
India Pvt. Ltd.
- Precision Biometric
India Pvt. Ltd.
- IDEMIA Identity
& Security India Private Limited
- Anviz Global Inc
- India Acquisition
Holding Inc (Fingerprint Cards AB)
- IDEX Biometrics ASA
- Infineon
Technologies India Pvt. Ltd.
The India Fingerprint Payment market is segmented
into component, type of fingerprint scanners, end user and region. Based on
component, the market is further segmented into solution, service, hardware.
Based on type of fingerprint scanners, the market is segmented into optical
fingerprint scanner, capacitive fingerprint scanner, ultrasonic fingerprint
scanner, and thermal fingerprint scanner. Based on end user, the market is further
segmented into retail, government, transportation, healthcare, hospitality, and
others.
Hardware had the
largest share by component in 2022, and it is predicted that it would continue
to lead the market during the projection period owing to the growing rivalry
among retail organizations, user needs, and consumer preferences for faster
checkout/transaction times. However, due to the increased adoption of biometric
software for a variety of applications, including entry systems and payment
processes, as well as benefits such as smooth and improved end-user
experiences, the software segment is expected to exhibit the highest CAGR from
2023 to 2028.
The capacitive
sector, which makes up the majority of fingerprint scanners, had the largest
market share in 2022, and it is anticipated that it will continue to hold this
position during the forecast period. This is due to the growing usage of
capacitive fingerprint scanners for a variety of applications, including
biometric POS terminal payments and mobile phone payments, along with its
benefits, such as smooth transactions and improved end-user experiences.
However, owing to its increased security features, the ultrasonic segment is
predicted to exhibit the highest CAGR from 2023 to 2028.
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“The India Fingerprint Payment market is expected to expand
during the projected period. The retail sector, which accounted for the largest
share in 2022 based on end user, is anticipated to hold onto the top spot
throughout the projection period. This is a result of growing customer demands,
increased rivalry among retail enterprises, and the necessity for a secure
method to transmit transactions. Customers also expect faster checkout and
transaction times. From 2023 to 2028, the transportation sector is expected to occupy
the largest share. The fingerprint payment system aims to create a simple
payment platform that does not require commuters to use their phones or smart
cards, which is one of the causes driving the growth of the market in the
transportation industry.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“India Fingerprint Payment Market By Component (Solution, Service,
Hardware), By Type of Fingerprint Scanners (Optical Fingerprint Scanner, Capacitive
Fingerprint Scanner, Ultrasonic Fingerprint Scanner, Thermal Fingerprint
Scanner), By End User (Retail, Government,
Transportation, Healthcare, Hospitality, Others), By Region, Competition, Forecast &
Opportunities, 2018-2028”, has evaluated the
future growth potential of India Fingerprint Payment Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended 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 present in the India Fingerprint Payment Market.
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