Face-swiping Payment Market Growth & Trends
The global face-swiping payment market size is expected to reach USD 18.46 billion by 2030, expanding at a CAGR of 19.9% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The rise in digitalization led by the COVID-19 pandemic and the increasing penetration of the internet across the globe is anticipated to drive market growth. Furthermore, the growing adoption of face-swiping payments and increasing investments in the technology by various market players such as Mastercard, Alipay, and PopID, Inc. are anticipated to fuel market’s growth over the forecast period.
The increasing investments by venture capital firms and other fintech companies in a tech start-up’s to help them expand their product portfolios and strengthen their market position is anticipated to fuel market’s growth. For instance, in June 2022, PayByFace B.V., a biometric payment POS platform provider, announced that it received a strategic investment from a Fintech firm named SafexPay. The investment was aimed towards accelerating the growth of PayByFace B.V. face biometric payment solution to a global level.
Face swiping technology enables consumers to make purchases simply by portraying in front of camera-equipped point-of-sale (POS) machines, which results in quicker and more secure face payments. Furthermore, the mobile wallet providers such as Alipay and others have extended support for the face swipe feature to enable users to make faster payments. Thus, such ongoing trends are expected to further drive the market growth over the forecast period.
The global pandemic has been favorable to market growth. The growing demand for biometrics for verification, or unlocking mobile phones has made consumers familiar with the use of biometrics which is anticipated to create new growth opportunities for the face-swiping payment industry. For instance, according to the 2021 survey by IDEMA, 84% of the respondents use the biometric authentication method, out of which around 43% of the respondent have used facial biometrics for unlocking smartphones.
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Face-swiping Payment Market Report Highlights
The payment system segment is expected to witness rapid growth over the forecast period. The growth can be attributed to the growing investments in face-recognition technology for introducing biometric face-swiping payments
The travel segment is projected to witness a steady growth over the forecast period. The rising demand for AI-enabled payment platforms for fare collection in the various modes of transport such as buses and metros, among others is anticipated to fuel the growth of the segment in the forecast period
Asia Pacific dominated the industry in 2022. The growing adoption of face-enabled payment terminals across the region is expected to propel the regional growth
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