The global Biometric Card Market is estimated to account for US$ 15.55 Mn in terms of value by the end of 2021. Using a biometric card at the point of sale (POS) requires the customer to press their finger into a designated area on the card. This is compared against a digital map of their fingerprint, and if matched, the card is turned on and a transaction is completed. The card is also compatible with all EMV card options. Biometric cards may cost more than conventional chip-and-PIN cards. They are also more difficult to spoof. They will also need to be activated, which could involve a phone call or an online enrollment process.
Global Biometric Card Market: Drivers
Rise in adoption of biometric payment cards across the globe is expected to propel growth of the global biometric card market over the forecast period. Market players are increasingly focusing on launch of biometric payment cards. Due to such launch of novel products, the adoption of biometric payment cards has increased rapidly all over the world. For instance, in 2021, as per the IDEMIA, nearly 81.0% of consumers worldwide preferred use of fingerprint biometric instead of PIN codes during in-store payments.
Global Biometric Card Market: Opportunities
Early adoption of novel payment technologies is developed countries as well as regions such as North America and Europe is creating growth opportunities in the global biometric card market over the forecast period. The increasing rate of security concerns is leading to early adoption of biometric payment cards. In January 2021, a study reported that Fingerprint Cards AB found that the demand biometric payment card is high with an average rate of 51% customers switching banks for these cards.
Global Biometric Card Market: Restraints
The global biometric card market is expected to be hindered by factors such as lack of awareness and cashless transaction. Due to technological advancement, stores are offering cashless payments, and this is posing as a major obstacle for expansion and adoption of biometric payment systems. Moreover, the low awareness among various emerging countries and high cost of biometric payment terminal systems are limiting growth of the global biometric card market over the forecast period.
Global Biometric Card Market - Impact of Coronavirus (Covid-19) Pandemic:
The Covid-19 outbreak affected several industries. The lockdown regulations implemented by several governments around the world disrupted several market activities. Manufacturing, supply chains and distribution operations were disrupted in many region during the pandemic. However, due to global digitalization increasing contactless and digital payment adoption has led to rise in introduction of biometric payment cards. For instance, as per the Fingerprint Cards, in 2020, in the U.K. 57.0% contactless payments were made in in-store payments. Thus, the market was positively impacted by the pandemic.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/biometric-card-market-5443
Key Takeaways:
The global biometric card market was valued at US$ 8.75 Mn in 2020 and is forecast to reach a value of US$ 5,386.32 Mn by 20230 at a CAGR of 77.3% between 2022 and 2030.
Payments segment held dominant position in the global biometric card market in 2020, accounting for 69.88% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Biometric Card Market Trends:
Increasing shipment of smartcards all over the world is one of the major trend in the global biometric card market. For instance, according to Coherent Market Insights, the shipments of smartcards are likely to reach over 7.1 billion units, out of which nearly 5 billion are likely to be for payments and the remaining market is shared with applications in transport, government and healthcare, retail and others.
Moreover, the high demand for EMV cards is gaining traction in the market creating base market for biometric cards. For instance, in October 2020, Zwipe revealed that it has ordered 300,000 TrustedBio sensors for integrating them into Pay ONE Platform of the company. With these kind of developments, the adoption of biometric cards is likely to increase having Zwipe at its center. This trend is likely to boost growth of the market during the forecast period.
Global Biometric Card Market: Competitive Landscape
Shanghai Fudan Microelectronics Group Co. Ltd., Zwipe AS, Samsung’s System LSI Business, Thales Group, Ethernom Inc., IDEX Biometrics ASA, Visa Inc., Goldpac Fintech, Mastercard Incorporated, Fingerprint Cards AB, ST Microelectronics NV, Seshaasai Business Forms (P) Ltd., and IDEMIA Group.
Global Biometric Card Market: Recent Developments
In May 2022, Fingerprint Cards AB and Morix Co. Ltd. received approval from Mastercard for the production of biometric payment cards, which will bring the biometric solutions of the company in the Japanese market.
In March 2021, Goldpac Fintech revealed its new development in the fingerprint biometric smartcard devices of the company. The new product of the company received certification from the China UnionPay and other necessary certificates. This has opened a path of commercial deployment for the company.
