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A12966 | Pages: 230 | Charts: 61 | Tables: 147 |
The global fingerprint payment market was valued at $9 billion in 2021, and is projected to reach $36.2 billion by 2031, growing at a CAGR of 15.3% from 2022 to 2031.
The fingerprint payment uses chip technology in conjunction with fingerprint identification to quickly and securely confirm the payer's identity for in-store purchases. It can be used at EMV terminals all around the world. An inbuilt sensor operated by the chip authenticates identity using a fingerprint. Further, fingerprint payment method uses passive and active biometrics to create the best possible experience for the customers, and layers of security for merchants.
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The fingerprint payment market is segmented into Component, Type of Fingerprint Scanners and End User.
The fingerprint payment market is segmented on the basis of component, type of fingerprint scanner, end user and region. On the basis of component, it is classified into hardware, software and services. By type of fingerprint scanner, it is categorized into optical fingerprint scanners, capacitive fingerprint scanners, ultrasonic fingerprint scanners, and thermal fingerprint scanners. By end user, it is divided into retail, government, transportation, healthcare, hospitality, government, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
[COMPONENTGRAPH]
By component, the hardware segment acquired major fingerprint payment market size in 2021. This is attributed to factors such as increase in competition in retail businesses, user needs, customers preference for quicker checkout/transaction times and a secure system transmits transactions.
[REGIONGRAPH]
By region, the fingerprint payment market share is being dominated by North America in 2021, and is expected to maintain this trend during the forecast period. Attributed to the growing use of web applications and internet has increased the demand for security and verification on account of the increased threat of cyber-attacks and data pilfering. The most vulnerable data is found to be in government databases, large organizations, and the defense sector, where the need for higher security which act as factors that boost the growth of the fingerprint payment industry in the region.
The report fingerprint payment market analysis includes the profiles of key players operating in the fingerprint payment market such as Apple Inc., Anviz Global Inc., Fingerprint Cards AB, IDEX Biometrics, IDEMIA, Infineon Technologies AG, NEC Corporation, Precise Biometrics, Synaptics Incorporated and Thales. These players have adopted various strategies to increase their market penetration and strengthen their position in the fingerprint payment market.
Developing countries such as India and South Korea are increasingly targeted by the key players to develop and launch the fingerprint payment features into the existing range of products. For instance, in August 2022, Samsung Electronics and MasterCard have signed MoU as a part of which the two companies will be launching payment cards with built-in fingerprint sensors. Hence, the two companies will be launching payment experiences while reducing physical contact with payments terminal.
Furthermore, according to an article published in October 2022, merchants across the U.S. will soon be able to accept biometric payments authenticated by a customer’s fingerprint using a point-of-sale (POS) solution launched by payment processing provider Green Payments. The solution will allow users to link different payment options stored in a digital wallet including credit cards, bank accounts and cryptocurrencies to individual fingers and then make in-store purchases at the POS by tapping the relevant finger on a biometric sensor.
The COVID-19 pandemic had a moderate impact on the fingerprint payment market size since many biometric devices such as finger print scanners, vein recognition and others involve touching of surfaces. Furthermore, people started wearing face masks during the pandemic which was challenging for fingerprint payment devices to recognize the person.
Key Market Segments
Key Market Players