Analysis of Biometric Payment Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The growing use of biometric payment systems is a result of the constant demand for improved security and identity during payment procedures or transactions. The hardware, software, and services that make up the biometric payment security and identity system are its three main parts. Because of the advantages, such as seamless operation and improved end-user experience, etc., connected with biometric systems, such as those used for entry systems, payment processes, etc., the adoption of biometric payment systems is generally expanding.
Biometric payment systems are a point-of-sale (POS) technology which makes use of biometric authentication for enabling a transaction or payment process. Advancements in biometric technology has led to the introduction of advanced biometric authentication technologies such as palm recognition, eye recognition etc., as well, in addition to fingerprint biometric authentication technology. However, due to the ease of convenience and comparatively lower price associated with fingerprint identification systems, biometric enabled payments enabled by fingerprint authentication technology are most widely adopted in the market.
Progression of technology has even led to the introduction of multi-modal payment terminal system, a solution which enables identification via multiple identification modes such as fingerprint, iris, palm, etc., all from one biometric enabled payment terminal. This market has experienced the upward trajectory in recent years owing to its increasing value. Furthermore, these payments expected to double digit rate of growth in the forecast period owing to the functionality ease related to it.
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The rise in digital trade have propelled demand for the biometric payment options. The advancement in technology has central stake in increasing penetration of the point of sale payments done using the biometric authentication. Based on the biometric the precise authentication is process that unlocks the authorised deduction of funds from users account. The finger point payment is often used at accessible locations such as malls, fuel centers and shops. Furthermore, its considered a common biometric method for payment.
These payments provide high end security which is often authorised by the 4 digit pins to autherise transaction twice. The embedded level of biometric in the organisation are enabled to cross 99.99 percent of accuracy in authentication. The rise in online banking and digital litracy has given booster to these market in developed countries. While due to rising adoption of e-commerce and card payments these modes of pays are anticipated to increase in next decade.
Increasing penetration of internet, adoption of smart devices, number of mobile transactions and digitalization witnessed across the globe, especially in developed and developing countries such as the U.S., the U.K., India, China, Germany, Japan etc. has led to a transition into the mode of payment as well. Thus, the transition and affinity towards the adoption of online payments or digital payments is correspondingly increasing the adoption of digital payment methods such as biometric enabled payments.
Besides this, the enhanced security offered by biometric based payment terminals is also a factor impelling the demand of the same. This, as a result, acts as a major driver for the global biometric payments market. Increasing application terminals in BFSI industry vertical is the major area of application of the same and is, thus, contributing the maximum in the global market.
However, further advancements in technology has resulted into the introduction of cashier less stores, which is expected to pose a considerable challenge to the growth and adoption of these systems. Besides this, high cost associated with this terminal system and lack of awareness amongst various under developed countries are restraining the growth of this market, in terms of value.
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By geography, the biometric payment market can be segmented across North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others in Asia Pacific, and Middle East & Africa. Among these regions, North American market is expected to dominate the global market during the forecast period, owing to the presence of various payment solution providers and high adoption of the same, in the region.
Asia Pacific biometric payment market and Europe biometric payment market are expected to follow North America biometric payment market in the global biometric payment market, in terms of revenue. China biometric payment market is, however, expected to exhibit highest growth rate during the forecast period, owing to the increasing digitalization, penetration of internet, adoption of smart devices and smart technologies and changing consumer transactional behavior, in the country. Besides this, Latin America biometric payment market is also expected to witness a considerable growth rate during the forecast period.
Some of the key players in the biometric payment market are -
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The market is segmented by Mode of Payment (Smartphone/Tablet, Biometric/Smart Cards), By Industry Vertical (BFSI, Hospitality, Industrial, Retail).
North American market is expected to dominate the global market during the forecast period.
Increasing penetration of internet, adoption of smart devices, number of mobile transactions and digitalization witnessed across the globe are drivers of market growth in secure payment systems.
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