Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 9.64 Billion

Market Size (2029)

USD 26.02 Billion

CAGR (2024-2029)

17.82%

Fastest Growing Segment

Hybrid

Largest Market

North America

Market Overview

Global Biometric Payment Market was valued at USD 9.64 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR 17.82% through 2029. The Global Biometric Payment Market is experiencing robust growth, fueled by technological advancements and an increasing emphasis on secure, convenient transactions. Biometric payment systems leverage unique physiological or behavioral characteristics, such as fingerprints, facial features, or voice patterns, for user authentication, offering a more resilient alternative to traditional methods. Fingerprint recognition stands out as a dominant segment, combining security and ease of use. The rise of contactless payments, driven by the integration of biometric authentication, enhances transaction speed and hygiene. North America leads in market dominance, buoyed by technological innovation, a mature consumer base, and regulatory support. The software deployment mode, crucial for algorithmic advancements and system flexibility, asserts dominance, ensuring the adaptability and scalability of biometric payment solutions. As global economies transition towards cashless societies, the biometric payment market continues to evolve, with contactless biometric payments and software-driven innovations expected to shape the industry's trajectory, providing secure, efficient, and user-friendly payment experiences across various platforms and industries.

Key Market Drivers

Increasing Emphasis on Security and Fraud Prevention

One of the primary drivers propelling the global biometric payment market is the increasing emphasis on security and fraud prevention in financial transactions. Traditional authentication methods, such as passwords and PINs, have proven susceptible to breaches and unauthorized access. Biometric payment systems offer a more secure alternative by leveraging unique physiological or behavioral characteristics, such as fingerprints, facial features, or iris patterns, to verify the identity of users.

As cyber threats continue to evolve, businesses and consumers are prioritizing security in their payment transactions. Biometric authentication provides a robust defense against identity theft, card skimming, and other fraudulent activities. Financial institutions, payment service providers, and merchants are thus embracing biometric technologies to enhance the overall security of payment systems, instilling confidence in users and mitigating the risks associated with unauthorized access and financial fraud.

Rise of Contactless Payments and Consumer Convenience

The surge in popularity of contactless payments is a significant driver for the global biometric payment market. Contactless payment methods, including biometric-enabled options, offer unparalleled convenience and speed in transactions. With the increasing reliance on mobile devices and wearables, consumers seek seamless and efficient ways to complete transactions without the need for physical contact or the use of traditional payment cards.

Biometric authentication enhances the convenience of contactless payments by eliminating the need for PINs or signatures. Whether through fingerprint recognition, facial scanning, or other biometric modalities, users can swiftly and securely authorize transactions, fostering a frictionless payment experience. The growing demand for contactless payment solutions, especially in the wake of global health concerns, is a driving force behind the integration of biometric technologies into payment systems.

Integration with Smart Devices and Wearables

The proliferation of smart devices and wearables is a key driver influencing the global biometric payment market. Biometric authentication has seamlessly integrated into smartphones, smartwatches, and other wearables, providing users with a convenient and secure means of authorizing transactions. The widespread adoption of these devices has expanded the reach of biometric payment technologies, making them more accessible to a broader consumer base.

Smart devices equipped with biometric sensors enable users to make payments with a simple touch or glance, eliminating the need for physical cards or cash. As consumers increasingly rely on their smartphones and wearables for various activities, including financial transactions, the integration of biometric payment capabilities further enhances the versatility and utility of these devices. This trend is driving the demand for biometric-enabled smart devices, contributing to the growth of the overall biometric payment market.

Enhanced User Experience and Customer Satisfaction

The focus on enhancing user experience and customer satisfaction is a significant driver in the global biometric payment market. Biometric authentication offers a seamless and user-friendly approach to verifying user identities, reducing the friction associated with traditional authentication methods. Users appreciate the convenience and speed of biometric payments, leading to increased customer satisfaction and loyalty.

The positive impact on user experience extends to various sectors, including retail, banking, and e-commerce. Biometric payment systems streamline the checkout process, reducing wait times and simplifying the overall transaction experience. As businesses prioritize customer-centric approaches, the adoption of biometric payment technologies becomes a strategic imperative for improving satisfaction levels and maintaining a competitive edge in the market.

Government Initiatives and Support

Government initiatives and support for biometric technologies play a crucial role in driving the global biometric payment market. Many governments worldwide are recognizing the potential of biometrics in enhancing security, reducing fraud, and promoting financial inclusion. Consequently, regulatory bodies and policymakers are actively supporting the integration of biometric authentication in payment systems.

Government-led initiatives, such as national identity programs and initiatives to promote digital payments, contribute to the acceptance and adoption of biometric payment technologies. In some cases, regulatory frameworks are established to ensure the responsible use of biometric data, fostering trust among users and businesses. The alignment of government policies with the objectives of enhanced security and financial inclusion accelerates the growth of the biometric payment market on a global scale.


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Key Market Challenges

Technological Complexity and Integration Issues

One of the primary challenges facing the global biometric payment market is the inherent complexity of the underlying technologies. Biometric systems rely on advanced algorithms and sensors to accurately identify and authenticate users based on unique physiological or behavioral characteristics. The integration of these systems with existing payment infrastructure poses a considerable technological challenge.

Many organizations, especially small and medium-sized enterprises (SMEs), may struggle with the cost and complexity of implementing biometric payment solutions. The need for seamless integration with various devices, platforms, and payment networks adds an additional layer of complexity. As a result, businesses may face compatibility issues and disruptions during the implementation and integration phases, hindering the widespread adoption of biometric payment technologies.

Security Concerns and Vulnerabilities

While biometric authentication is generally considered more secure than traditional methods such as passwords, it is not immune to security concerns and vulnerabilities. Biometric data, once compromised, cannot be easily replaced or reset, raising significant privacy and security issues. High-profile breaches of biometric databases have heightened concerns about the safety of relying on biometrics for payment authentication.

Spoofing and impersonation attempts, where attackers use replicas or manipulated biometric data to gain unauthorized access, pose a constant threat. Ensuring the resilience of biometric systems against sophisticated attacks requires continuous innovation in biometric technology and robust security measures. The industry faces the ongoing challenge of staying ahead of evolving cyber threats to maintain the trust of consumers and businesses in biometric payment solutions.

Interoperability and Standardization

Interoperability and standardization are critical challenges in the global biometric payment market. The lack of universally accepted standards for biometric data formats and communication protocols can impede the seamless exchange of information between different systems and devices. This lack of standardization hinders the development of a cohesive biometric payment ecosystem.

Financial institutions, merchants, and technology providers must navigate a fragmented landscape of proprietary biometric solutions, making it challenging to create interoperable and scalable systems. Establishing industry-wide standards is essential to fostering collaboration, promoting innovation, and ensuring the widespread adoption of biometric payment technologies. Overcoming these interoperability challenges is crucial for creating a cohesive and user-friendly biometric payment experience across various platforms and services.

Privacy and Ethical Considerations

As biometric payment systems become more prevalent, privacy and ethical considerations become increasingly significant. The collection, storage, and use of biometric data raise concerns about individual privacy rights and the potential for misuse. Striking the right balance between providing enhanced security and safeguarding user privacy is a complex challenge that the industry must address.

Regulatory frameworks, such as the General Data Protection Regulation (GDPR) and other regional data protection laws, impose strict requirements on the handling of biometric data. Companies operating in the biometric payment space must navigate these regulatory landscapes while earning and maintaining the trust of consumers. Ethical considerations related to the responsible use of biometric technology, including consent, transparency, and data ownership, add an additional layer of complexity to the development and deployment of biometric payment solutions.

Regulatory Uncertainty and Compliance Challenges

The global biometric payment market operates in a dynamic regulatory environment characterized by evolving standards and compliance requirements. Regulatory uncertainty poses challenges for businesses seeking to invest in biometric payment technologies. Adhering to diverse and sometimes conflicting regulations across different regions requires significant resources and expertise.

Compliance with privacy laws, data protection regulations, and industry-specific standards is a constant challenge for biometric payment providers. Navigating the regulatory landscape while staying ahead of technological advancements and market demands requires a proactive approach to compliance. Companies must invest in legal and regulatory expertise to ensure that their biometric payment solutions meet the diverse and evolving requirements imposed by governments and regulatory bodies worldwide.

Key Market Trends

Rapid Adoption of Biometric Technologies

One prominent trend in the global biometric payment market is the rapid adoption of biometric technologies across various industries. Traditional authentication methods, such as passwords and PINs, are increasingly being replaced by biometric solutions like fingerprint recognition, facial recognition, iris scanning, and voice recognition. Biometrics offer a more secure and convenient way for users to authenticate their identities, reducing the risk of fraud and unauthorized access.

Several factors contribute to the widespread adoption of biometric payment solutions. Firstly, advancements in sensor technology have made biometric authentication more accurate and reliable. Additionally, the integration of biometric features into smartphones and other devices has made it easier for consumers to adopt these technologies seamlessly into their daily lives. As a result, businesses and financial institutions are incorporating biometric authentication methods to enhance the security and user experience of payment systems.

Growing Importance of Contactless Payments

Contactless payments have gained immense popularity in recent years, and biometric technology is playing a crucial role in advancing this trend. Biometric authentication adds an extra layer of security to contactless payments, making them more reliable and less susceptible to fraudulent activities. With the increasing emphasis on hygiene and the need for touchless transactions, biometric-enabled contactless payments are becoming the norm in the global payment landscape.

Moreover, the integration of biometric authentication in contactless payment cards and mobile wallets enhances the overall user experience. Consumers appreciate the speed and convenience of making secure payments without the need for physical contact. As a result, financial institutions and technology companies are investing in the development and deployment of biometric-enabled contactless payment solutions to meet the growing demand for seamless and secure transactions.

Biometric Payment in E-commerce and Retail

The e-commerce and retail sectors are witnessing a surge in the adoption of biometric payment solutions. As online shopping becomes increasingly prevalent, the need for secure and convenient payment methods is paramount. Biometric authentication adds an extra layer of security to online transactions, mitigating the risks associated with identity theft and unauthorized access.

In the retail environment, biometric payment systems streamline the checkout process, reducing the time customers spend waiting in lines. This not only enhances the customer experience but also contributes to increased operational efficiency for merchants. Biometric payment terminals are being deployed in physical stores, allowing customers to make payments with a simple fingerprint scan or facial recognition, providing a seamless and secure transaction experience.

Regulatory Landscape and Privacy Concerns

The global biometric payment market is influenced by the evolving regulatory landscape and growing privacy concerns. Governments and regulatory bodies are actively addressing the use of biometric data in payment systems to ensure compliance with privacy laws and standards. Striking a balance between providing secure authentication and protecting user privacy is a critical consideration for stakeholders in the biometric payment industry.

Regulations such as the General Data Protection Regulation (GDPR) in Europe and similar initiatives worldwide are shaping how companies collect, store, and use biometric data. Compliance with these regulations is essential for building trust among consumers and fostering the responsible development of biometric payment solutions. As the regulatory environment continues to evolve, market players are investing in robust security measures and transparent practices to address privacy concerns and ensure the ethical use of biometric data in payment systems.

Segmental Insights

Technology Insights

Fingerprint recognition segment dominates in the global biometric payment market in 2023. The dominance of Fingerprint Recognition can be attributed to several factors. Fingerprint patterns are highly distinctive, making them a robust and accurate means of authentication. The uniqueness of fingerprints enhances the security of biometric payment systems, mitigating the risks associated with unauthorized access and fraudulent transactions. Consumers and businesses alike appreciate the level of security that fingerprint recognition provides, contributing to its widespread acceptance.

 Fingerprint Recognition technology offers a seamless and user-friendly experience. With the integration of fingerprint sensors into smartphones, tablets, and other devices, users can conveniently and quickly authenticate payments with a simple touch. This ease of use aligns with the growing demand for frictionless transactions in the digital payment landscape, enhancing the overall user experience.

The maturity and proven track record of fingerprint recognition technology have contributed to its dominance. It has been extensively used in various applications, including access control, time and attendance systems, and now, biometric payments. The established reliability of fingerprint recognition technology instills confidence among consumers, financial institutions, and businesses, fostering its widespread adoption.

The versatility of Fingerprint Recognition technology also plays a crucial role in its dominance. It is applicable across a range of devices, from dedicated biometric scanners to embedded sensors in smartphones. This adaptability makes it a practical choice for both physical and digital payment scenarios, catering to the diverse needs of consumers and businesses.

While other biometric technologies, such as Face Recognition and Iris Recognition, have made significant strides, Fingerprint Recognition remains at the forefront of the global Biometric Payment market. Its combination of security, convenience, and adaptability positions it as the preferred choice for many stakeholders in the industry. As the market continues to evolve, Fingerprint Recognition is likely to maintain its dominance, supported by ongoing advancements in sensor technology, algorithmic improvements, and its seamless integration into the ever-expanding ecosystem of digital payment solutions.


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Regional Insights

North America dominates the Global Biometric Payment Market in 2023. North America is home to some of the world's leading technology companies and research institutions. The presence of major players in the biometric technology sector, such as Apple, Google, and various fintech startups, has fueled innovation and accelerated the development and deployment of biometric payment solutions. These companies invest heavily in research and development, driving the continuous evolution of biometric technologies and their integration into payment ecosystems.

The region has a mature and technologically savvy consumer base that is quick to adopt new payment methods. The population's familiarity with digital technologies, coupled with a high level of smartphone penetration, has created an environment conducive to the widespread acceptance of biometric payment systems. Consumers in North America are open to embracing secure and convenient payment solutions, and biometric authentication aligns well with their preferences for frictionless transactions.

Regulatory frameworks in North America have been relatively supportive of biometric technologies, balancing security concerns with the need for innovation. Clear guidelines and standards have provided a stable environment for businesses to invest in and deploy biometric payment solutions confidently. This regulatory support fosters an ecosystem where companies can navigate compliance requirements efficiently, further encouraging the adoption of biometric payment technologies.

The competitive landscape of North America's financial services and technology sectors also contributes to the dominance in the biometric payment market. The presence of numerous financial institutions, technology giants, and startups fosters a dynamic environment where companies strive to outpace each other in offering cutting-edge payment solutions. This competitive spirit accelerates the development, testing, and implementation of biometric payment technologies, driving the region's leadership in the global market.

Recent Developments

  • In November 2022, IDEX Biometrics ASA, a leading provider of fingerprint identification and authentication solutions, has announced the launch of biometric payment cards in India through a strategic partnership with M-tech Innovations Ltd., a prominent smart card solutions provider. This collaboration aims to transform the Indian payment card industry by providing banks and smart card issuers with advanced biometric card technology. Leveraging IDEX's cutting-edge fingerprint authentication capabilities, these biometric payment cards will enhance security and convenience for cardholders by enabling secure, contactless transactions and reducing fraud risk. By integrating biometric authentication into payment cards, the initiative meets the growing demand for secure, user-friendly payment solutions in India. M-tech Innovations, with its expertise in smart card manufacturing and strong market presence, will play a key role in distributing and promoting these biometric cards. This partnership is expected to accelerate the adoption of biometric payment solutions across India, benefiting financial institutions and their customers. The introduction of biometric payment cards aligns with the increasing focus on digital payments and the need for enhanced security in financial transactions. As India continues its digital transformation, the partnership between IDEX Biometrics and M-tech Innovations is set to drive innovation in the payment ecosystem, offering a secure and efficient alternative to traditional payment methods.

Key Market Players

  • IDEMIA Group
  • Thales Group 
  • SoftBank Group Corp. 
  • Zwipe Group
  • Visa Inc. 
  • Mastercard Incorporated
  • Fingerprint Cards AB 
  • NXP Semiconductors N.V. 
  • STMicroelectronics N.V. 
  • PayPal Holdings, Inc.

By Technology

By Type

By Deployment Mode

By Region

  • Single Factor Authentication
  • Fingerprint Recognition
  • Iris Recognition
  • Palm Recognition
  • Face Recognition
  • Signature Recognition
  • Voice Recognition
  • Biometric Smart Card
  • Multimodal
  • Contact-Based
  • Contactless
  • Hybrid
  • Hardware
  • Software
  • North America
  • Europe
  • South America
  • Middle East & Africa
  • Asia Pacific

 

Report Scope:

In this report, the Global Biometric Payment Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Biometric Payment Market, By Technology:

o   Single Factor Authentication

o   Fingerprint Recognition

o   Iris Recognition

o   Palm Recognition

o   Face Recognition

o   Signature Recognition

o   Voice Recognition

o   Biometric Smart Card

o   Multimodal

  • Biometric Payment Market, By Type:

o   Contact-Based

o   Contactless

o   Hybrid

  • Biometric Payment Market, By Deployment Mode:

o   Hardware

o   Software

  • Biometric Payment Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  Germany

§  France

§  United Kingdom

§  Italy

§  Spain

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o   Middle East & Africa

§  Saudi Arabia

§  UAE

§  South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Biometric Payment Market.

Available Customizations:

Global Biometric Payment Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Biometric Payment Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.    Baseline Methodology

2.2.    Key Industry Partners

2.3.    Major Association and Secondary Sources

2.4.    Forecasting Methodology

2.5.    Data Triangulation & Validation

2.6.    Assumptions and Limitations

3.    Executive Summary

4.    Impact of COVID-19 on Global Biometric Payment Market

5.    Voice of Customer

6.    Global Biometric Payment Market Overview

7.    Global Biometric Payment Market Outlook

7.1.    Market Size & Forecast

7.1.1.    By Value

7.2.    Market Share & Forecast

7.2.1.  By Technology (Single Factor Authentication, Fingerprint Recognition, Iris Recognition, Palm Recognition, Face Recognition, Signature Recognition, Voice Recognition, Biometric Smart Card, and Multimodal)

7.2.2.  By Type (Contact-Based, Contactless, and Hybrid)

7.2.3.  By Deployment Mode (Hardware & Software)

7.2.4.  By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3.    By Company (2023)

7.4.    Market Map

8.    North America Biometric Payment Market Outlook

8.1.    Market Size & Forecast

8.1.1.    By Value

8.2.    Market Share & Forecast

8.2.1.    By Technology

8.2.2.    By Type

8.2.3.    By Deployment Mode

8.2.4.    By Country

8.3.  North America: Country Analysis

8.3.1.    United States Biometric Payment Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Technology

8.3.1.2.2.           By Type

8.3.1.2.3.           By Deployment Mode

8.3.2.    Canada Biometric Payment Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Technology

8.3.2.2.2.           By Type

8.3.2.2.3.           By Deployment Mode

8.3.3.    Mexico Biometric Payment Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Technology

8.3.3.2.2.           By Type

8.3.3.2.3.           By Deployment Mode

9.    Europe Biometric Payment Market Outlook

9.1.    Market Size & Forecast

9.1.1.  By Value

9.2.    Market Share & Forecast

9.2.1.    By Technology

9.2.2.    By Type

9.2.3.    By Deployment Mode

9.2.4.    By Country

9.3.  Europe: Country Analysis

9.3.1.    Germany Biometric Payment Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Technology

9.3.1.2.2.           By Type

9.3.1.2.3.           By Deployment Mode

9.3.2.    France Biometric Payment Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Technology

9.3.2.2.2.           By Type

9.3.2.2.3.           By Deployment Mode

9.3.2.2.4.            

9.3.3.    United Kingdom Biometric Payment Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Technology

9.3.3.2.2.           By Type

9.3.3.2.3.           By Deployment Mode

9.3.4.    Italy Biometric Payment Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Technology

9.3.4.2.2.           By Type

9.3.4.2.3.           By Deployment Mode

9.3.5.    Spain Biometric Payment Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Technology

9.3.5.2.2.           By Type

9.3.5.2.3.           By Deployment Mode

10. South America Biometric Payment Market Outlook

10.1. Market Size & Forecast

10.1.1.    By Value

10.2. Market Share & Forecast

10.2.1. By Technology

10.2.2. By Type

10.2.3. By Deployment Mode

10.2.4. By Country

10.3.   South America: Country Analysis

10.3.1. Brazil Biometric Payment Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Technology

10.3.1.2.2.         By Type

10.3.1.2.3.         By Deployment Mode

10.3.2. Colombia Biometric Payment Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Technology

10.3.2.2.2.         By Type

10.3.2.2.3.         By Deployment Mode

10.3.3. Argentina Biometric Payment Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Technology

10.3.3.2.2.         By Type

10.3.3.2.3.         By Deployment Mode

11. Middle East & Africa Biometric Payment Market Outlook

11.1. Market Size & Forecast

11.1.1.    By Value

11.2. Market Share & Forecast

11.2.1. By Technology

11.2.2. By Type

11.2.3. By Deployment Mode

11.2.4. By Country

11.3.   Middle East & Africa: Country Analysis

11.3.1. Saudi Arabia Biometric Payment Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Technology

11.3.1.2.2.         By Type

11.3.1.2.3.         By Deployment Mode

11.3.2. UAE Biometric Payment Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Technology

11.3.2.2.2.         By Type

11.3.2.2.3.         By Deployment Mode

11.3.3. South Africa Biometric Payment Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Technology

11.3.3.2.2.         By Type

11.3.3.2.3.         By Deployment Mode

12. Asia Pacific Biometric Payment Market Outlook

12.1. Market Size & Forecast

12.1.1.    By Value

12.2. Market Share & Forecast

12.2.1. By Technology

12.2.2. By Type

12.2.3. By Deployment Mode

12.2.4. By Country

12.3.   Asia Pacific: Country Analysis

12.3.1. China Biometric Payment Market Outlook

12.3.1.1.     Market Size & Forecast

12.3.1.1.1.         By Value

12.3.1.2.     Market Share & Forecast

12.3.1.2.1.         By Technology

12.3.1.2.2.         By Type

12.3.1.2.3.         By Deployment Mode

12.3.2. India Biometric Payment Market Outlook

12.3.2.1.     Market Size & Forecast

12.3.2.1.1.         By Value

12.3.2.2.     Market Share & Forecast

12.3.2.2.1.         By Technology

12.3.2.2.2.         By Type

12.3.2.2.3.         By Deployment Mode

12.3.3. Japan Biometric Payment Market Outlook

12.3.3.1.     Market Size & Forecast

12.3.3.1.1.         By Value

12.3.3.2.     Market Share & Forecast

12.3.3.2.1.         By Technology

12.3.3.2.2.         By Type

12.3.3.2.3.         By Deployment Mode

12.3.4. South Korea Biometric Payment Market Outlook

12.3.4.1.     Market Size & Forecast

12.3.4.1.1.             By Value

12.3.4.2.     Market Share & Forecast

12.3.4.2.1.         By Technology

12.3.4.2.2.         By Type

12.3.4.2.3.         By Deployment Mode

12.3.5. Australia Biometric Payment Market Outlook

12.3.5.1.     Market Size & Forecast

12.3.5.1.1.         By Value

12.3.5.2.     Market Share & Forecast

12.3.5.2.1.         By Technology

12.3.5.2.2.         By Type

12.3.5.2.3.         By Deployment Mode

13. Market Dynamics

13.1.   Drivers

13.2.   Challenges

14. Market Trends and Developments

15. Company Profiles

15.1.   IDEMIA Group

15.1.1.        Business Overview

15.1.2.        Key Revenue and Financials  

15.1.3.        Recent Developments

15.1.4.        Key Personnel

15.1.5.        Key Product/Services Offered

15.2.   Thales Group

15.2.1.        Business Overview

15.2.2.        Key Revenue and Financials  

15.2.3.        Recent Developments

15.2.4.        Key Personnel

15.2.5.        Key Product/Services Offered

15.3.   SoftBank Group Corp.

15.3.1.        Business Overview

15.3.2.        Key Revenue and Financials  

15.3.3.        Recent Developments

15.3.4.        Key Personnel

15.3.5.        Key Product/Services Offered

15.4.   Zwipe Group

15.4.1.        Business Overview

15.4.2.        Key Revenue and Financials  

15.4.3.        Recent Developments

15.4.4.        Key Personnel

15.4.5.        Key Product/Services Offered

15.5.   Visa Inc.

15.5.1.        Business Overview

15.5.2.        Key Revenue and Financials  

15.5.3.        Recent Developments

15.5.4.        Key Personnel

15.5.5.        Key Product/Services Offered

15.6.   Mastercard Incorporated

15.6.1.        Business Overview

15.6.2.        Key Revenue and Financials  

15.6.3.        Recent Developments

15.6.4.        Key Personnel

15.6.5.        Key Product/Services Offered

15.7.   Fingerprint Cards AB

15.7.1.        Business Overview

15.7.2.        Key Revenue and Financials  

15.7.3.        Recent Developments

15.7.4.        Key Personnel

15.7.5.        Key Product/Services Offered

15.8.   NXP Semiconductors N.V.

15.8.1.        Business Overview

15.8.2.        Key Revenue and Financials  

15.8.3.        Recent Developments

15.8.4.        Key Personnel

15.8.5.        Key Product/Services Offered

15.9.   STMicroelectronics N.V.

15.9.1.        Business Overview

15.9.2.        Key Revenue and Financials  

15.9.3.        Recent Developments

15.9.4.        Key Personnel

15.9.5.        Key Product/Services Offered

15.10.PayPal Holdings, Inc.

15.10.1.     Business Overview

15.10.2.     Key Revenue and Financials  

15.10.3.     Recent Developments

15.10.4.     Key Personnel

15.10.5.     Key Product/Services Offered

16. Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the global Biometric Payment market was USD 9.64 Billion in 2023.

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Fingerprint Recognition was the dominant segment in the global biometric payment market in 2023 by technology. Fingerprint recognition offers a seamless and user-friendly experience. The process of authenticating a transaction by simply placing a finger on a sensor is quick and convenient. This ease of use encourages consumer adoption, making it a preferred method for biometric payments.

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The global biometric payment market encounters several challenges, such as the complexity of technology and integration, security vulnerabilities, interoperability and standardization issues, and significant privacy and ethical concerns.

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Key factors driving the global biometric payment market are the increased emphasis on security and fraud prevention, the rising demand for contactless payments due to their convenience, seamless integration with smart devices and wearables, and the enhanced user experience leading to higher customer satisfaction.

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Sakshi Bajaal

Business Consultant
Press Release

Biometric Payment Market is expected to grow at a robust CAGR of 17.82%

Jun, 2024

The increasing global biometric payment market is driven by increasing emphasis on security and fraud prevention, rise of contactless payments and consumer convenience during the forecast period 2025