Published Date: 30-Jun-2022
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According to a new report, published by KBV research, The Global Biometric Payment Cards Market size is expected to reach $2.9 billion by 2028, rising at a market growth of 69% CAGR during the forecast period.
The Credit Cards segment acquired maximum revenue share in the Global Biometric Payment Cards Market by Card Type in 2021, thereby, achieving a market value of $1.80 billion by 2028. Individuals' increasing use of credit cards is expected to drive segment growth. This uptake is due to a variety of factors, including earning cash back, receiving discounts, and taking advantage of the bank's leverage, among others.
The Hospitality segment is showcasing a CAGR of 69.5% during (2022 - 2028). Biometric digital payment systems have been installed in restaurants and hotels, allowing consumers to pay directly using fingerprint scanners. Hitachi, for example, has developed a fingertip payment system that allows users to pay by simply scanning the finger at the machine. As a result, the hospitality industry's embrace of advanced payment systems is likely to encourage the acceptance of biometric payment cards.
The Asia Pacific market dominated the Global Biometric Payment Cards Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $721.9 Million by 2028. The Europe market is estimated to witness a CAGR of 68.4% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 68.2% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Infineon Technologies AG, NXP Semiconductors N.V., Thales Group S.A., Visa, Inc., Mastercard, Inc., IDEX Biometrics ASA, Zwipe, Bio-idz, and Goldpac Group.
By Card Type
By End Use
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