Biometric Payment Market Scope
Biometric payment is a point of sale technology, which uses biometric authentication to identify the user and approve the deduction of funds from a bank account. Fingerprint payment, based on finger scanning, is the most popular biometric payment method. Often, the system uses two-factor authentication, in which the finger scan takes the place of the card swipe and the user types in a PIN as usual. Biometric technologies are fetching the establishment of an extensive array of enormously safe recognition and personal authentication solutions. As the level of transaction fraud and security breaches increases, the need for greatly secure identification and personal verification technologies is becoming apparent. Biometric-based solutions are proficient to offer for confidential financial transactions.
Research Analyst at AMA estimates that United States and Sweden Players will contribute to the maximum growth of Global Biometric Payment market throughout the predicted period.
Thales Group (France), Fingerprint Cards (Sweden), IDEX Biometrics ASA (Norway), Fujitsu (Japan), Accenture (Ireland), Nayax (United States), Mastercard (United States), FingoPay (United Kingdom), Precise Biometrics (Sweden) and Visa, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Mantra Softech (India) Pvt. Ltd. (India), DERMALOG Identification Systems GmbH (Germany) and Zwipe (Norway).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Biometric Payment market by Type (Hardware {Biometric Payment Cards, Scanners, and Others}, Software and Services) and Region with country level break-up.
On the basis of geography, the market of Biometric Payment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 17 June 2019, a World-leading biometrics company, Fingerprint Cards (Fingerprints) and Giesecke + Devrient Mobile Security, a global mobile security technology company, are collaborating to bring contactless biometric payment cards to the market. The card is featuring Fingerprints' T-Shape module which is part of the 1300-series. It has ultra-low power consumption and is tailored to be integrated into smartcards using standard processes. The card is featured in the recently announced pilot with Crédit Agricole in France, a top-three European bank.
On 3 October 2019, IDEX Biometrics ASA, the leading provider of advanced fingerprint identification and authentication solutions and IDEMIA, the global leader in Augmented Identity, has entered a worldwide license agreement for use of IDEX’s on-card biometric enrollment intellectual property. Under the terms of the agreement, IDEX has granted IDEMIA a license to use certain IDEX patents in order to develop, manufacture and sell on-card enrollment devices while benefiting from IDEMIA’s biometric card software expertise. and On 20 April 2017, Mastercard unveiled the next generation biometric card, combining chip technology with fingerprints to conveniently and safely verify the cardholder’s identity for in-store purchases.
Market Trend
- The Use of Machine Learning For Biometric Payments
- Rise of Mobile & Multi-Modal Mobile-Based Biometric Authentication
- The Arrival of Biometric Payment Cards
- Biometrics Boosting Customer Experience
Market Drivers
- Rising Fraudulent Payment Incidences Worldwide
- The Increased Preference of Consumers towards Biometrics
- Payments Have Been the Major Driving Force for the Wide-Scale Adoption of Biometrics in the Consumer
- Technology Standardization
- Increasing Numbers of Internet and Smart Phone Users
Opportunities
- The Emerging Demand from Developing Nations
- Significant Opportunities from Financial Institutions
Restraints
- Rise of Security Fears among the Consumers
Challenges
- A High Cost of Biometric Cards
Key Target Audience
Biometric Payments Key Vendors, Potential Technology Investors, Regulatory & Government Bodies, End Users and Others