The North America Biometric Payment Cards Market would witness market growth of 68.2% CAGR during the forecast period (2022-2028).
The Biometric Card integrates chip technology with fingerprints to validate the cardholder's identification for in-store purchases in a quick and secure manner. An embedded sensor, driven by the chip, uses a fingerprint to verify identity and can be utilized at EMV terminals. Technologies embedded in the biometric payment cards are focused on user, i.e. the aim is to provide complete security to the user while making a transaction.
Since people use biometrics to access the phones and want a biometric sensor for quick payment processing, the market for biometric payment cards is expanding. Many consumers were acquainted with biometrics and a significant number of people were keen on using biometrics to confirm identity and initiate payments. Reduced administration is another important aspect that is boosting the usage of biometric payment cards. For example, when using conventional payment systems, merchants must manage lineups while also covering administrative costs. Owing to biometric payment cards executing payments at a quicker rate, payment lineups are shortened, lowering merchant administration costs.
Biometrics have attracted attention in grocery stores, petrol stations, and convenience stores in the United States, as well as a kind of one-click payment for online sellers such as Amazon. For example, according to Visa, a significant number of consumers see biometric payments as a more convenient way to make payments in 2021. It is likely that the biometric payment market would increase multiple times, with compound annual growth. The banking and financial institutions in collaboration with information technology firms are heavily spending on research and development activities, in order to assure the supreme quality of authentication in the biometric payment card transaction.
The regional government is in strong support of digitalization as well as contactless transactions. Also, numerous initiatives has been taken by the regional banks in order to promote usage of biometric payment cards for making transactions. Banks are providing many offer and discounts to attract the potential and existing customers. Therefore, due to increasing preference to contactless payments by all government, banking institutions, and population, the regional biometric payment cards market is expected to grow in forecast period.
The US market dominated the North America Biometric Payment Cards Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $817.9 Million by 2028. The Canada market is experiencing a CAGR of 72.5% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 70.7% during (2022 - 2028).
Based on Card Type, the market is segmented into Credit Cards and Debit Cards. Based on End Use, the market is segmented into Retail, Hospitality, Transportation, Healthcare, Government, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Biometric Payment Cards Market is Estimated to reach $2.9 Billion by 2028, at a CAGR of 69%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infineon Technologies AG, NXP Semiconductors N.V., Thales Group S.A., Visa, Inc., Mastercard, Inc., IDEX Biometrics ASA, Zwipe, Bio-idz, and Goldpac Group.
By Card Type
By End Use
By Country
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