Fingerprint Payment Market to Reach $36.2 Billion
Businesses are increasingly using fingerprint payments to function more quickly, cut down on transaction time, and enhance security. In addition, to make sure a business runs securely, the fingerprint payment systems are entailed with complex security authentication features. This factor notably drives the global fingerprint payment market growth. Technological advancements in the fingerprint payment such as inclusion of machine learning (ML) and automation boost the market growth even more. However, high acquisition costs and security risks of the payment terminals restrict the market growth. Moreover, increase in adoption of wireless handheld POS terminal by restaurants and healthcare industry for streamlining the transactions through biometrics is expected to provide new opportunities in the coming years.
Key market players focused on investments in R&D activities and adopted strategies such as collaborations & partnerships to stay competitive in the market. For instance, on May 2022, Fingerprint Cards collaborated with Transcorp and Mswipe to bring contactless biometric payment cards to India and published its financial results for 2021 and future outlook that anticipates success with diversification and the biometric payment card market.
Similarly, on September 2022, World-leading biometrics company Fingerprint Cards AB (Fingerprints) and leading financial and banking solution provider Technical Equipment & Supplies Company (Tesco) collaborated to promote and support the adoption of contactless biometric payment cards in the Middle East.
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