Biometric Payment Cards Industry
The global biometric payment cards market size is expected to reach USD 4,345.8 million by 2030, registering a CAGR of 62.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. Biometric payment cards are divided into biometric debit and credit cards that are used to perform payment transactions.
The biometric sensors within these cards offer the most secure payment method to the user, which is fueling the growth of the market. Moreover, the contactless payment method is becoming gradually more popular, which enhances security and reduces the time required for the payment processing. Thus, these aforementioned factors are expected to drive the growth of the market during the forecast period.
The increased demand for tap-to-pay payments method in order to initiate touchless transactions has driven the market's growth. For instance, in 2020, according to the Visa Back to Business Study, 48.0% of Germans, after COVID-19, adopted new payment methods, from which nearly 16.0% of consumers are using tap to pay technology. Furthermore, the companies operating in the biometric payment cards market are involved in strategic partnerships to launch biometric cards, which is fueling the growth of the market. For instance, in 2019, Zwipe, the biometric payment company, entered into a partnership with Goldpac, a China-based Fintech Company. This partnership was aimed at launching biometric payment cards and offering related services to Goldpac’s extensive customer network.
Global biometric payment card providers are continuously implementing new technologies to improve the customer’s payment experience. For instance, in January 2022, Fingerprint cards, a biometric company, met Mastercard's increased security criteria for its second-generation T-Shape sensor module. This technology made payment processing easy and convenient for the customer as well as for merchants, with increased security. Thus, such advancements in technology open wide opportunities for future growth of the market.
During COVID-19, the contactless payments market was on a surge due to the norms and regulations of avoiding physical contact to prevent the disease. The increased use of biometric payment methods such as voice-based payment methods to avoid direct contact proved to be in favor of the biometric payment cards market, as it offers contactless payment methods along with chip-enabled payment.
In 2021, according to IDEMIA, 76.0% of the global consumers have a positive attitude toward biometrics and 81.0% of global consumers are ready to use fingerprint replacing PIN codes. With such trends in the industry, it builds high potential to transform traditional payment methods into new contactless and faster payment processing options.
Gather more insights about the market drivers, restrains and growth of the Global Biometric Payment Cards market
Biometric Payment Cards Market Segments Highlights:
- The credit cards segment is the emerging segment and is expected to witness significant growth during the forecast period. Credit cards are widely used by individuals across the globe for making payments and availing easy EMIs
- The retail segment is expected to witness the highest growth during the forecast period. The adoption of contactless payments as well as the credit and debit card acceptance by the retailers is propelling the growth of the segment
- The Europe segment is expected to witness significant growth during the forecast period. Europe is home to key market players that are increasingly entering into partnerships to offer biometric payment cards
Biometric Payment Cards Market Report Segmentation
Grand View Research has segmented the global biometric payment cards market based on the card type, end-use, and region.
Biometric Payment Cards Type Outlook (Revenue, USD Million, 2021 - 2030)
Biometric Payment Cards End-Use Outlook (Revenue, USD Million, 2021 - 2030)
- Retail
- Transportation
- Healthcare
- Hospitality
- Government
- Others
Biometric Payment Cards Regional Outlook (Revenue, USD Million, 2021 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Biometric Payment Cards Company Insights
- Bio-idz
- BNP Paribas
- Goldpac Fintech
- IDEX Biometrics ASA
- Infineon Technologies AG
- Mastercard
- NXP Semiconductors
- Thales Group
- Visa Inc.
- Zwipe
Order a free sample PDF of the Biometric Payment Cards Market Intelligence Study, published by Grand View Research.
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