Market Overview:
Biometric cards are credit or debit cards equipped with fingerprint scanners or other biometric sensors. They provide contactless authentication for secure payment transactions by verifying cardholder’s identity through unique biometric traits like fingerprints, face, retina or iris. The growing demand for contactless payment and heightened security concerns have fueled adoption of biometric cards for secure financial transactions.
Market key trends:
One of the key trends fueling the biometric card market growth is the rising need for contactless and secure payment methods. The COVID-19 pandemic has accelerated shift towards digital and contactless payments. Biometric cards allow customers to authenticate and approve transactions securely through embedded fingerprint sensors without entering PINs or signing receipts. This offers a more seamless and hygienic payment experience. The technology eliminates risks of card skimming or cloning and helps lower fraud rates, which has driven its adoption across banking and fintech sectors.
Segment Analysis
The global biometric card market is dominated by fingerprint recognition sub-segment. Fingerprint recognition allows high level of security and authentication avoiding unauthorized access. It is preferred over other biometric modes like facial, iris and voice recognition due to low cost and easy availability of fingerprint sensors.
Key Takeaways
The global biometric card market is expected to witness high growth, exhibiting CAGR of 77% over the forecast period, due to increasing demand for contactless payments with advanced security features.
Regional analysis
North America dominates the global biometric card market and is expected to continue its dominance during the forecast period. Increasing adoption of biometric technology for payments and high living standard in countries like U.S. and Canada propels the market growth in this region. Asia Pacific is expected to witness fastest growth due to growing e-commerce activities and developing infrastructure in countries like China and India.
Key players
Key players operating in the biometric card market are Shanghai Fudan Microelectronics Group Co. Ltd., Zwipe AS, Samsungâ€TMs 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. IDEX Biometrics ASA dominates the market due to its expertise in fingerprint recognition solutions for payment cards.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
