Biometric Payment Cards Industry Overview
The global biometric payment cards market size was valued at USD 75.3 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 62.3% from 2022 to 2030. The growth of the market can be attributed to the rising technological advancement and global acceptance of the contactless payment method. Biometric payment cards are gaining popularity over the Near Field Communication (NFC) cards due to their higher transaction limit on contactless payment transactions. For instance, the Indian government has restricted NFC card contactless transactions to USD 68.48. Thus, as biometric payment cards have no transaction limits, such as NFC cards, they are replacing NFC cards and are gaining popularity in the market.
The biometric payment cards market is growing because consumers use biometrics to unlock mobile phones, and desire to have a biometric sensor for easy payment processing. According to Visa, amongst the surveyed American consumers in 2017, 65.0% of the consumers were familiar with biometrics, and almost 86.0% of the consumers were interested in making use of biometrics to verify identity and make payments.
Gather more insights about the market drivers, restraints and growth of the Global Biometric Payment Cards Market
The other major factor driving the growth of the biometric payment card is reduced administration. For instance, merchants need to manage the queues, covering administrative expenditures, while using traditional payment methods. However, by utilizing biometric payment cards, as the payments are processed at a faster pace, the queues for payment would be shortened, which cuts the administration costs for the merchants.
Businesses have witnessed the potential of biometric payment cards, which has enabled many banks and financial institutions to integrate with biometric payment providers in order to offer their customers these smart cards. For instance, in April 2022, Zwipe, a biometric payment provider, announced that the National bank of Iraq has selected Zwipe to pilot biometric cards through the Zwipe pay platform. This would be one of the first pilots for next-generation contactless payment cards across Iraq. Such initiatives are boosting the global growth of the market for biometric payment cards.
The increased global adoption of biometric payment cards is another major factor fueling the growth of the market. The players operating in the market are highly involved in launching biometric payment cards. Therefore, such increasing launches of biometric payment cards have augmented the adoption of these smart cards by consumers and merchants. For instance, in 2021, according to IDEMIA, a security company, 81.0% of the total global consumers preferred the use of fingerprint biometric over PIN codes while paying in-stores.
Though the biometric payment card market is surging, the cost attached to these cards is higher, which can act as a challenge and may restrain the market's growth during the forecast period. Another issue with the biometric payment card market is that most companies are still undergoing pilot programs, which raises the question of the actual commercialization of the technology.
However, the charges of the biometric payment card are expected to reduce as the market players are collaborating to reduce costs. For instance, Zwipe and IDEMIA have partnered and are on track to deliver radical unit cost reductions for biometric payment cards by means of offering a single silicon solution.
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Biometric Payment Cards Market 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)
- Credit Cards
- Debit Cards
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
- MEA (Middle East Africa)
Market Share Insights:
- February 2022: Rocker introduced the Rocker Touch, a biometric payment card, in Sweden. Rocker partnered with IDEMIA and IDEX to launch one of the world's first biometric payment cards to consumers.
Key Companies profiled:
Some of the prominent players in the global 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
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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