The global demand for Biometric Payment Cards Market is presumed to reach the market size of nearly USD 3845.44 MN by 2028 from USD 85.3 MN in 2021 with a CAGR of 72.3% under the study period 2022 - 2028.
A biometric payment card is a point-of-sale (POS) technology that utilizes biometric authentication to identify the user and deduct funds from a bank account. Fingerprint payment, done by finger scanning, is the most common biometric payment method. The primary benefit of the biometric payment card for consumers is the convenience of fast and secure contactless payments without the limit on the amount. The fingerprint-based user verification method also protects consumers, ensuring that a lost or stolen card is not used fraudulently.
Market Dynamics
The primary forces behind the significant trends and possibilities in the biometric payment card business are contactless payments and technological improvement. Due to higher transaction limits for contactless payment transactions, biometric payment cards are becoming more popular. The market for biometric payment cards is fueled by an increase in demand on a global level. Businesses have seen the potential of biometric payment cards, which allowed numerous banks and financial institutions to partner with biometric payment service providers to offer their customers these smart cards. Reduced administration and increased global adoption of biometric payment cards are other major factors driving the market growth. Biometrically-enabled payment cards are playing a vital role in improving welfare and financial inclusion that is flourishing the market.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of biometric payment cards. The growth and trends of biometric payment cards industry provide a holistic approach to this study.
Market Segmentation
This section of the biometric payment cards market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Card Type
By End-Use
- Retail
- Transportation
- Healthcare
- Hospitality
- Government
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Biometric Payment Cards market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Biometric Payment Cards Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the biometric payment cards market include Bio-idz, BNP Paribas, Goldpac Fintech, IDEX Biometrics ASA, Infineon Technologies AG, MasterCard, NXP Semiconductors, Thales Group, Visa Inc., Zwipe. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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