The global face-swiping payment market size is expected to reach $18,46-billion by 2030 expanding at a CAGR of 19,9% from 2023 to 2030, according to a new study by Grand View Research.
The rise in digitalisation led by the Covid-19 pandemic and the increasing penetration of the Internet across the globe is anticipated to drive market growth.
Furthermore, the growing adoption of face-swiping payments and increasing investments in the technology by various market players such as Mastercard, Alipay, and PopID will fuel the market’s growth over the forecast period.
The increasing investments by venture capital firms and other fintech companies in tech start-ups to help them expand their product portfolios and strengthen their market position is also expected to fuel the market’s growth. For instance, in June 2022, PayByFace, a biometric payment POS platform provider, announced that it received a strategic investment from a fintech firm named SafexPay. The investment was aimed towards accelerating the growth of PayByFace face-biometric payment solutions to a global level.
Face-swiping technology enables consumers to make purchases simply by portraying in front of camera-equipped point-of-sale (POS) machines which results in quicker and more secure face payments.
Furthermore, mobile wallet providers such as Alipay and others have extended support for the face-swipe feature to enable users to make faster payments. Thus, such ongoing trends are expected to further drive the market growth over the forecast period.
The global pandemic has been a favourable factor in the market’s growth. The growing demand for biometrics for verification, or unlocking mobile phones, has made consumers familiar with the use of biometrics and this is anticipated to create new growth opportunities for the face-swiping payment industry.
A prime example of this is that, according to the 2021 survey by IDEMA, 84% of respondents use biometric authentication – and around 43% of respondents have used facial biometrics for unlocking smartphones.