GVR Report cover Face-swiping Payment Market Size, Share & Trends Report

Face-swiping Payment Market Size, Share & Trends Analysis Report By Type, By Application, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
  • Base Year for Estimate: ---
  • Report ID: GVR452071
  • Format: Electronic (PDF)
  • Historical Data: ---
  • Number of Pages: 0

The global face-swiping payment market is expected to witness significant growth over the forecast period. The rising adoption of technology by merchants and consumers for small value transactions, coupled with benefits such as lesser transaction time and ease of convenience offered by face-swiping payment, is propelling the market growth. The integration of IoT and advancements in payment technology are also expected to contribute to market growth. Additionally, the integration of risk control systems and intelligent algorithms for greater accuracy and security, along with the untapped potential of emerging economies, are expected to offer lucrative opportunities to solu ion providers over the forecast period.

The rising adoption of facial recognition technology for various applications plays a key role in the growth of the market. Numerous cities are making efforts to provide facial recognition payment systems at bus and metro stations to improve customer experience. For instance, in October 2021, Moscow city announced the launch of Face Pay, a facial recognition payment system implemented in more than 240 Mosmetro stations. Metro riders need to install the Mosmetro mobile app, upload their photo, and connect their bank account and metro cards to make transactions efficiently through Face Pay.

Face-swiping Payment Market Segmentation

Segments

Details

Type

Payment Equipment; Payment System

Application

Supermarket; Restaurant; Travel; Others

Region

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

 

The demand for face-swiping payments has particularly increased in the wake of the COVID-19 pandemic. A myriad of unexpected issues, such as the need to reduce the use of payment systems that involve physical contact, have prompted merchants to consider contactless payment technologies such as facial recognition payment systems to make contactless payments. Moreover, facial recognition payment systems are used for better identity verification and security measures. However, a looming lack of adequate understanding and technical know-how about the technology, coupled with growing concerns over privacy protection, particularly in developing countries, is expected to hamper the growth of the market over the forecast period.

In recent years, venture capital companies have been focusing on start-ups and helping them raise funding to enhance their product portfolio and strengthen their position in the market. For instance, in December 2020, FacePhi, a company that provides facial biometric systems, raised USD 38 million from Nice and Green, a Swiss investment firm. The company envisages utilizing the funding for international expansion and driving product improvements and technological innovations that can promote commercial actions for business development. Such venture capital investments are expected to create new opportunities for market growth over the forecast period.

The key players in the face-swiping payment market include Alibaba Group Holding Limited.; Tencent Holdings Ltd.; China UnionPay; PopID; Telpo; and Banco Bilbao Vizcaya Argentaria, S.A. These players are focusing on adopting growth strategies such as partnerships, mergers & acquisitions, and new product developments to further expand their global market presence. For instance, in June 2020, PopID and Panasonic Corporation of North America announced their partnership to provide facial recognition ordering and payment processes to both the retail and restaurant industries. Through this partnership, Panasonic Corporation utilized PopID's PopPay solution in payment terminals and drive-through systems.

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