Increasing Adoption of Payment Security to Drive Growth of Biometric Card Market

Biometric Card Market


Market Overview:
Biometric cards combine payment cards technology with biometric authentication to verify the cardholder's identity using fingerprint, iris or facial recognition. These cards provide secure and convenient payment options as they can verify identity with just a touch or glance. They eliminate the need to remember and enter pins while making payments. Biometric cards are being adopted across industries like banking, government, travel & immigration and healthcare to enable secure and frictionless transactions. They authenticate the cardholder during transactions as well as activate and unlock the card for use. This ensures only the correct and authorized user can access card features and make payments. The added layer of biometric authentication makes transactions secure and reduces the risk of card frauds and identity thefts.

Market key trends:
The Biometric Card Market Demand is expected to witness significant growth during the forecast period due to rising demand for payment security and the need to combat frauds. One of the key trends spurring market growth is the growing adoption of biometric authentication across industries as it provides quick and secure identity verification. Major banks and payment companies are actively working on biometric payment card programs to replace traditional plastic cards. Growing usage of contactless payments is another trend boosting demand for biometric cards that support near field communication (NFC). Several emerging economies are also implementing national digital ID programs based on biometric authentication via cards which will propel market revenue. Continued innovations to develop small, low-cost and frictionless fingerprint, face and voice biometrics are expanding the application scope of biometric verification.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the biometric card market is low due to high capital requirements and the established presence of key players in the market.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several options available for securing transactions. However, biometric cards offer enhanced security and convenience in transactions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key materials and components used in biometric cards require specialized engineering knowledge. However, the presence of multiple established suppliers limits monopoly pricing.
Threat of new substitutes: The threat of substitutes is moderate as other contactless payment methods like smartphones offer alternatives. However, biometric cards offer offline authentication without additional hardware requirements.
Competitive rivalry: Competition in the biometric card market is expected to intensify owing to technological innovations in card security features.

Key Takeaways
The global Biometric Card Market is expected to witness high growth, exhibiting a CAGR of 77% over the forecast period, due to increasing demand for contactless and secure payment solutions.

Regional analysis: The Asia Pacific region dominates the biometric card market and is expected to maintain its lead over the forecast period backed by rapid adoption of digital payment technologies in countries like India and China. Countries in Europe and North America are also adopting biometric cards backed by stringent regulations for advanced authentication and data security.

Key players: Key players operating in the Biometric Card market are Shanghai Fudan Microelectronics Group Co. Ltd., Zwipe AS, Samsung’s System LSI Business, Thales Group, Ethernom Inc., IDEX Biometrics ASA, Visa Inc., Goldpac Fintech, Mastercard Incorporated, Fingerprint Cards AB, ST Microelectronics NV, Seshaasai Business Forms (P) Ltd., and IDEMIA Group. Fingerprint Cards AB is a leading provider of biometric card solutions. ST Microelectronics NV provides secure elements and processing platforms for biometric cards.

Read More:

https://www.dailyprbulletin.com/biometric-cards-are-fueling-the-growth-of-biometric-card-market/

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