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The biometric and microchip ticketing system is a system which enables storing tickets electronically in a microchip. Some of the key advantages of using smart ticking system include safety from fraud, providing passengers with credit or pre-loaded ride travels in case of an advance travel, help in reduction or eliminating long queue. Further biometric and microchip ticketing system enables the operators and sellers to provide there personalized or customized tickets which suit the requirement of a wide range of individuals and cater to their customized requirements. The transportation industry is highly adopting the smart ticketing system. Effective application of a broad array of smart technology is expected to boost the growth of the biometric and microchip ticket market. Moreover, the growth of the market would witness bright prospects due to the factors like growing application of the technology in the tourism and travel industry and applications of systems that are easily manageable by users and can be accessed and easily utilized by people belonging to every age group. However, the growth of the market is inhibited by the high price of installation and a centralized operating unit for smooth functioning of biometric and microchip ticketing systems to operate efficiently. In addition to it, various governments around the world are deploying measures like demonetization and supporting cashless transactions. This factor creates many profitable growth opportunities for the global smart ticketing market during the forecast period.
COVID-19 Impact analysis
In the current COVID-19 health crisis, unprecedented times call for creative solutions, and the payments technology industry offers many different opportunities to people to support each other as well as the communities in a safe and effective manner with little to no physical contact. Due to COVID-19 the major impact is experienced by the public mobility as people are suggested to stay at home and prefer work from home wherever possible. From March 2020, public transport in majority of the big cities have been completely or partially shut down. Though, the restriction on public mobility has been lifted partially since the past two or three months, however, the world’s major cities are experiencing 70% to 90% reduction in the public-transit ridership. In the current scenario, payment environment has witnessed drastic change across the globe as passengers are inclining toward digital payment solutions to perform contactless payment operations. In the post COVID-19 situation in the near future, high health concern and penetration of digital technologies, contactless and automated payment system is going to gain momentum in the upcoming decade.
Top Impacting Factors
The high-speed biometric and microchip ticketing systems trends are as follows:
Enhanced efficiency
High-speed biometric and microchip ticketing systems eliminates cash payment and concerns associated with language barriers between drivers and passengers, thereby facilitating hassle-free payment using smartcards. With every swipe of card, valuable data is collected and instantly incorporated in a database to enable efficient handling of payments, faster transactions and less processing time. In addition, it enables merchants to manage records efficiently and handle large amount of transactions. Moreover, high-speed biometric and microchip ticketing systems allow quick service as well as self-service options, ensuring minimal or no waiting time for consumers, which reduces the overall operational time and improves efficiency of the entire process. Furthermore, faster validation of transactions allows the staff to generate fare tokens and tickets quickly. For instance, in October 2020 IDEMIA collaborated with MasterCard and MarchMove. Together, the companies aim to develop a biometric card, which utilizes a fingerprint to authorize transactions at in-store payment terminals. The F. CODE Easy card takes the effortless and intuitive experience of biometric authentication from a mobile phone to a smart card. The high-speed biometric and microchip ticketing systems has improved the efficiency of fare box collection and made the journey convenient for the commuters and thereby, drives the market growth.
Low fraud rates
Smartcard technology is preferred over paper tickets due to high data-storage capacity of these systems and high level of security encryption. Public transport providers incur financial losses due to fare or ticket evasions. High-speed biometric and microchip ticketing systems allow access to only those customers who have collected the token by making the payment or have sufficient fund balance in their smart cards. The implementation of this technology tends to reduce the number of frauds and prevent counterfeiting. Thus driving the market of high-speed biometric and microchip ticketing systems.
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Questions answered in the high-speed biometric and microchip ticketing system market research report:
Key Market Segments
Key Market Players