Face Swiping Payment Market Anticipated Valuation Exceeds USD 29.74 Billion By 2032 | Polaris Market Research

The global face swiping payment market size is expected to reach USD 29.74 billion by 2032, according to a new study by Polaris Market Research. The report “Face Swiping Payment Market Share, Size, Trends, Industry Analysis Report, By Type (Payment Equipment, Payment System); By Application (Retail, Restaurant, Travel, Others); By Region; And Segment Forecasts, 2023 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

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COVID-19 pandemic has accelerated the adoption of digital technologies and e-commerce, including the use of face-swiping payment methods, as more consumers have shifted to online and mobile channels for their transactions. Additionally, the increasing penetration of the internet and smartphones across the globe is expected to create more opportunities for the adoption of face-swiping payment technology. As more people gain access to digital platforms and become comfortable with using technology for payments, the demand for secure and convenient payment options like face-swiping is likely to grow.

As consumers have become more comfortable with the use of biometrics for verification, this has created new growth opportunities for the face-swiping payment industry. Additionally, the pandemic has led to a growing demand for more secure and contactless payment options, which face-swiping payments can provide. The face-swiping payment technology enables users to make payments quickly and securely by using facial recognition technology. The mobile wallet providers such as Alipay have also incorporated this feature to make payments faster and more convenient for users.

Strategic investments from venture capital firms and fintech companies will provide face-swiping payment start-ups with the necessary funding to expand their product offerings and enhance their market presence. This will further fuel the growth of the face-swiping payment industry.

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For instance, investment from the SafexPay is expected to help PayByFace expand its product offerings and reach a wider global audience, thereby driving the growth. Recently, Yahoo Japan, in April 2023 developed facial recognition technology for shopping and other payments. This will solve the problem of huge labor shortage in the country. Moreover, in May 2023, Airtel Payments Bank & NPCI in India, introduced Aadhar based payment system at around 500,000 units.

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Poor lighting and low resolution can cause technical glitches while using the technology, which can result in failed authorization of the user. Additionally, the high costs involved in implementing this technology can be a barrier for many companies and governments, limiting its widespread adoption. Furthermore, there are concerns about the level of security provided by face-swiping payment solutions, particularly regarding the risk of identity theft and fraud.

Face Swiping Payment Market Report Highlights

  • Payment system segment is anticipated to grow at a faster rate. This growth is due to rise in investments in the technology & favorable government regulations
  • Retail segment registered steady growth, due to rise in demand of AI enabled fare collection systems in both private and public transport systems
  • APAC region is anticipated to hold the largest share due to favorable government initiatives and investments in the category
  • The global players include PopID, Facepay, PayByFace, VisionLabs, Telepower Communications, PAX Global Technology, Alipay, NEC Corporation, SnapPay, Mastercard, and CloudWalk Technology.

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Key Features and Drivers:

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Biometric Authentication:
Face swiping payments rely on biometric authentication technology, which analyzes unique facial features and characteristics to verify the identity of the user. Facial recognition algorithms compare the captured facial image with stored biometric data to authenticate the user’s identity securely and accurately.

Contactless and Hygienic Transactions:
In an era of increasing hygiene concerns and the growing popularity of contactless payments, face swiping payments offer a hygienic and touch-free alternative to traditional payment methods. Consumers can complete transactions by simply presenting their face to the payment terminal or device, reducing the risk of germ transmission and enhancing safety during transactions.

Enhanced Security and Fraud Prevention:
Facial recognition technology provides an additional layer of security and fraud prevention compared to traditional payment methods. Biometric authentication ensures that only authorized users can initiate transactions, reducing the risk of unauthorized access, identity theft, and payment fraud.

Applications:

Retail and Point-of-Sale Payments:
Face swiping payments are used in retail stores, supermarkets, restaurants, and other businesses with POS terminals to facilitate seamless and secure transactions. Customers can pay for purchases by scanning their face at the checkout counter, eliminating the need for physical cards or cash.

Transportation and Ticketing Systems:
In the transportation sector, face swiping payments can be integrated into ticketing systems for public transit, airports, and ride-sharing services. Passengers can access transportation services and pay for fares by swiping their face at ticket gates or on mobile devices, streamlining the boarding process and improving passenger flow.

Hospitality and Entertainment Venues:
Face swiping payments can enhance the guest experience in hotels, resorts, casinos, and entertainment venues by simplifying payment transactions for goods and services. Guests can use facial recognition technology to make payments at hotel check-in counters, restaurants, bars, and retail outlets, improving efficiency and guest satisfaction.

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Polaris Market Research has segmented the broth market report based on type, application, and region:

Face Swiping Payment, Type Outlook (Revenue – USD Billion, 2019 – 2032)

  • Payment Equipment
    • POS Equipment
    • Kiosk
  • Payment System

Face Swiping Payment, Application Outlook (Revenue – USD Billion, 2019 – 2032)

  • Retail
  • Restaurant
  • Travel
  • Others

Face Swiping Payment, Regional Outlook (Revenue – USD Million, 2019-2032)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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