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Biometric Payment Card Market to reach $ 15,407.81 billion, Globally, by 2032 at 68.8% CAGR: Allied Market Research
Rise in the adoption of contactless payment methods, growth in regulatory support and government initiatives, and surge in cases of data breaches and identity thefts are the major factors that drive the growth of the global biometric payment card market.
PORTLAND, Ore., June 5, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Biometric Payment Card Market by Card Type (Credit Cards and Debit Cards), Technology (Fingerprint Recognition, Iris Recognition, and Facial Recognition) and End-User (Retail, Transportation, Healthcare, Hospitality, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global biometric payment card market generated $144.25 billion in 2023 and is estimated to reach $ 15,407.81 billion by 2032, witnessing a CAGR of 68.8% from 2023 to 2032.
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142 – Tables
49 – Charts
249 – Pages
The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Prime determinants of growth
The rise in the adoption of contactless payment methods, growth in regulatory support and government initiatives, and a surge in cases of data breaches and identity thefts boost the development of the global biometric payment card market. However, the high cost of biometric payment cards and the increase in security & privacy concerns among businesses hamper the biometric payment card market growth. On the contrary, the increase in advanced information and communications technology and the robust growth of the e-commerce sector are expected to offer remunerative opportunities for expansion of the biometric payment card market during the forecast period.
Report coverage & details:
|
Report Coverage  |
Details |
|
Forecast Period |
2024–2032 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$144.25 Billion |
|
Market Size in 2032 |
$ 15,407.81 Billion |
|
CAGR |
68.8 % |
|
No. of Pages in Report |
249 |
|
Segments Covered |
Card Type, Technology, End User, and Region. |
|
Drivers |
Rise in adoption of contactless payment methods Growth in regulatory support and government initiatives |
|
Surge in cases of data breaches and identity thefts |
|
|
Opportunities |
Increase in advanced information and communications technology Robust growth of the e-commerce sector |
|
Restraints |
High cost of biometric payment cards Increase in security & privacy concerns among businesses |
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The debit cards segment to maintain its leadership status throughout the forecast period.
By card type, the debit cards segment held the highest market share in 2023, accounting for about two-thirds of the biometric payment card market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to increase in the role of government and financial institutions in promoting cashless transactions and debit card usage. However, the credit cards segment is projected to witness the highest CAGR of 67.6% from 2024 to 2032, due to factors such as broader acceptability at shops and better product offerings in a competitive landscape in the coming years.
The fingerprint recognition segment to maintain its leadership status throughout the forecast period.
By technology, the fingerprint recognition segment held the highest market share in 2023, accounting for more than two-thirds of the biometric payment card market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to surge in the penetration of user identification devices, along with growth in usage of new technologies in payment mechanisms. However, the facial recognition segment is projected to manifest the highest CAGR of 69.8% from 2024 to 2032, owing to increasing preference for contactless payments, along with the growing advancements in facial recognition algorithms and hardware.
The retail segment to maintain its lead position during the forecast period.
By end-user, the retail segment accounted for the largest share in 2023, contributing to nearly one-fourth of the biometric payment card market revenue, owing to the growing complexity of retail supply chain networks over time due to the presence of a large number of suppliers & logistics providers, channels, products, and value-added offerings. However, the hospitality segment is expected to portray the largest CAGR of 70.2% from 2024 to 2032, owing to the emergence of contactless payment technology to enhance the guest experience, operational efficiency, and security in payment methods.
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North America region to maintain its dominance by 2032.
By region, North America held the highest market share in terms of revenue in 2023, accounting for nearly one-third of the biometric payment card market revenue, owing to an increase in the adoption and usage of contactless cards as a payment method, along with the presence of a large number of firms operating in the market. The Asia-Pacific region is expected to witness the fastest CAGR of 69.8% from 2024 to 2032, owing to increasing requirements for enhanced security in the payment industry and the shifting inclination of consumers towards contactless payment modes acting as growth catalysts for the overall market.
Leading Market Players: –
- Bio-idz
- BNP Paribas
- Goldpac Fintech
- IDEX Biometrics ASA
- Infineon Technologies AG
- MasterCard
- NXP Semiconductors
- Thales Group
- Visa Inc.
- Zwipe
The report provides a detailed analysis of these key players in the biometric payment card market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global biometric payment card market forecast along with current & future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on global biometric payment card market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2023 to 2033 is provided to determine the potential of biometric payment card market outlook.
Biometric Payment Card Market Key Segments:
By End-User
- Retail
- Transportation
- Healthcare
- Hospitality
- Government
- Others
By Card Type
- Credit Cards
- Debit Cards
By Technology
- Fingerprint Recognition
- Iris Recognition
- Facial Recognition
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.
Launch of Physical Cards
COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.
Wallet Growth Milestone
The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.
Transaction Volume Surge
In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.
Integration with Revolut
COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.
Award Recognition
COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.
New Strategic Partnerships
COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.
Welcoming Pavel Matveev
COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.
Season 2 Point System Launch
Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.
NFT Giveaway
In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.
For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.
Website: coca.xyz
COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.
GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.
Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.
For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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Latest News
Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning
DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.
Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.
In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.
On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”
Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”
Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests
About Trust Wallet
Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.
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