The Global Face-swiping Payment Market size is expected to reach $11.9 billion by 2028, rising at a market growth of 17.4% CAGR during the forecast period.
A payment in which the payer and the recipient are physically located in the same spot. Face recognition uses mathematical algorithms to capture, extract, compare, and match a person's face with their identification. It collects physical samples via the scan and extracts data for comparative purposes.
Facial Swiping Payment technology combines face recognition technology, Token technology, PIN encryption technology, substantial data analysis, and artificial intelligence, with the face-gathering capabilities of the deriving terminal to capture user payment account information. This Face Swiping Payment Market mixes client performance and economic trends flawlessly to improve business concepts.
It also facilitates the duty of the company's significant leader by reducing the hazards associated with the activity. Increased use of technology by merchants and customers for small-value transactions, as well as the benefits of Face Swiping Payment, which includes reduced transaction time and a high level of convenience.
In addition, the incorporation of the Internet of Things (IoT) and developments in payment technologies are predicted to boost market expansion. In addition, the incorporation of risk control systems and intelligent algorithms with enormous validity and security, as well as the untapped potential of emerging economies, are expected to create attractive prospects for solution providers during the projection period.
Face Swiping Payment Market makes room for the development of sustainable financial goods for low-income and vulnerable populations by reducing hurdles such as lack of identity, formal income, and geographical distance. During COVID-19, the extraordinary growth of the face-scanning payment business raises the likelihood of fraud and misuse. In consequence, this Face Swiping Payment Market technology has acquired traction in major cities throughout the globe. Moreover, the increase in collaborations and launches of face-swiping technologies during the COVID-19 pandemic is anticipated to boost the growth of the business throughout the forecast period.
The increasing use of face-scanning technology for a variety of purposes plays a crucial role in market growth. To improve the customer experience, several cities are attempting to implement Face Swiping Payment Market systems at bus and metro stations. For example, Moscow city announced the launch of Face Pay, a face-scanning payment system implemented at Mosmetro stations. Face Pay requires users to use the Mosmetro smartphone app, upload a photo, and link their bank accounts and metro cards to complete purchases effectively.
For businesses to maintain and preserve POS systems, they must conform to data privacy and protection regulations. This includes the PCI Data Security Standard (PCI DSS), which dictates the security standards for all companies that accept credit cards. Financial institutions mandate the PCI Security Standards Council, which is responsible for enforcing PCI DSS and monitoring its compliance, to supervise its execution. It is a comprehensive collection of regulations that enforce stringent data security controls and procedures on merchants and service providers who store, handle, or transfer customer credit card information.
It is vital to ensure that POS systems are only accessible to screen employees who have been granted permission to use them. If no one is using POS systems, it is not necessary to instruct everyone on how to operate them. Access to POS systems must be restricted to only those with authorization and who can be trusted. When using a mobile POS device, there are additional complications. If the gadgets are portable, employees may erroneously take them home. Concerns might emerge over the security of sensitive data stored on the devices.
Based on the Type, the Face-swiping Payment Market is segmented into Payment Equipment and Payment System. The payment equipment segment acquired the highest revenue share in the face-swiping payment market in 2021. It is due to the reasons such as the increasing popularity of cashier-free ordering kiosks at fast-food chains such as Wendy's and McDonald's. Moreover, eateries such as the burger brand CaliBurger have installed self-ordering kiosks using facial recognition technology and machine intelligence to allow consumers to order meals, make payments, and sign up for the business's loyalty program.
By Application, the Face-swiping Payment Market is classified into Retail, Restaurant, Travel, and Others. The travel segment registered a significant revenue share in the face-swiping payment market in 2021. The rapid rise of face-swiping payment technology and the increasing inclination for touchless payments as a result of the pandemic is among the main variables that are anticipated to fuel the segment's growth. Moreover, many steps implemented by transportation firms to promote the adoption of face-recognition payment systems are further fostering segment expansion.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 4 Billion |
| Market size forecast in 2028 | USD 11.9 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 17.4% from 2022 to 2028 |
| Number of Pages | 178 |
| Number of Tables | 339 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the Face-swiping Payment Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment acquired the largest revenue share in the face-swiping payment market in 2021. Rising awareness of the benefits of face-swiping payment systems in nations such as India, China, and Japan is credited with the rapid spread. It is anticipated that the creative efforts of many regional enterprises to promote the usage of face-swiping payments would also contribute to regional growth.
Free Valuable Insights: Global Face-swiping Payment Market size to reach USD 11.9 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ant Group (Alipay) (Alibaba Holding), NEC Corporation, Mastercard, Inc., PopID, Inc. (Cali Group), PayByFace B.V., VisionLabs (Mobile TeleSystems OJSC), SnapPay, Inc., CloudWalk Technology Co. Ltd., and PAX Global Technology Limited.
By Type
By Application
By Geography
The global Face-swiping Payment Market size is expected to reach $11.9 billion by 2028.
Increasing Face Swiping Payment Market Adoption In Diverse Applications are driving the market in coming years, however, Lack Of Staff Awareness About The Use Of Pos Systems restraints the growth of the market.
Ant Group (Alipay) (Alibaba Holding), NEC Corporation, Mastercard, Inc., PopID, Inc. (Cali Group), PayByFace B.V., VisionLabs (Mobile TeleSystems OJSC), SnapPay, Inc., CloudWalk Technology Co. Ltd., and PAX Global Technology Limited.
The Retail segment is leading the Global Face-swiping Payment Market by Application in 2021 thereby, achieving a market value of $4.1 billion by 2028.
The Asia Pacific market dominated the Global Face-swiping Payment Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4.9 billion by 2028.
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