From GlobeNewswire: 2024-11-15 09:00:00

The Biometric Payment Market is booming, with a value of USD 8.6 billion in 2023 and projected to reach USD 34.8 billion by 2032, fueled by a 16.84% CAGR. Biometric payments utilize unique biological markers for secure, contactless transactions, meeting rising demand for secure, convenient payment solutions. Major players like Apple, Mastercard, and Amazon are driving innovation in biometric payment technologies, enhancing user experience and reducing transaction times.

Key drivers for market growth include heightened data security concerns, fraud prevention demands, and regulatory mandates like PSD2 in Europe. The market benefits from increasing smartphone use in emerging markets, particularly in Asia-Pacific and Latin America, where biometric-enabled smartphones are driving adoption of biometric payments. This trend offers opportunities for banks and retailers to reach underserved populations, accelerating biometric payment uptake.

The biometric payment market is segmented by technology, with the contact segment dominating in 2023 and the contactless segment expected to register the highest CAGR. Contactless technologies offer flexibility and scalability, making them useful for various applications beyond payments. Regional landscape shows North America leading the market in 2023, while the Asia-Pacific region is expected to witness the highest growth rate during the forecast period. Asia-Pacific leads in biometric payment adoption, driven by China, India, and Japan, embracing fingerprint and facial recognition tech for speed and security. China’s Alipay and WeChat Pay integrate facial recognition for seamless transactions. Mastercard and Amazon expand biometric payment options in Europe and North America, reflecting the growing trend. SNS Insider offers detailed market analysis reports on biometric payments, catering to the evolving market demands globally.



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