In the search for more secure payment processing options, the biometrics payment cards market emerged, and things really kicked it off for this industry last year.

With more companies embracing biometrics cards as a form of alternative payment, businesses also need to keep up with the trend by finding the right high-risk merchant account processors.

But that was just the tip of the iceberg. We’re now seeing how big that iceberg could be with projections indicating that it will become a trillion-dollar industry by 2026.

What We Know About the Biometrics Card Market

With users and businesses seeing biometrics as the most secure form of payment processing, it’s no surprise that the market is growing bigger by the minute. Here’s what we know:

• A report by Grand View Research, Inc. says that the global biometric payment cards market size is projected to reach a staggering $4.345 million by 2030. This is divided into biometric credit and debit cards, with the credit card sector being the most active market in the industry today.

• Data from Goode Intelligence research reveals that with the growth of the biometrics payment market today, it will be valued at more than $5.765 trillion by 2026, especially since “biometrics is now a must-have technology to secure payments across all payment channels.”

• According to data from Idemia, 76% of consumers from around the world had a positive attitude towards biometrics and 81% of them are ready to use fingerprints as a replacement for PIN codes. The COVID-19 pandemic had a lot to do with this new technology, especially since contactless payments are becoming the norm due to the recommended limitations of physical contact for fear of spreading the virus.

• A market report from Mordor Intelligence predicts that the biometrics payments market will have a compound annual growth rate (CAGR) of 155.45% from 2021 to 2026.

So, if you take the market’s value of $8.75 million in 2020 and calculate that against the CAGR, the biometrics payments market is set to be valued at $1.69 billion by 2026. The report also stated that Fingerprint Cards projects that there will be around 6 billion payment devices to be shipped every year by 2026 and that the Asia Pacific region will see the strongest demand for these biometrics payment cards because of a higher interest among customers in this area.

• SmartMetric, which provides these biometric payment cards, says that their business has never seen such growth over the last few years.

According to its President and CEO Chaya Hendrick: “Nowhere more will biometrics technology be seen to positively impact, is in the area of credit and debit cards.” She added: “The pandemic has been a double-edged sword for us at SmartMetric. It has pushed forward the consumer demand for minimum to no contact at the checkout while using their credit and debit card while causing significant delays because of component supply shortages and manufacturing shutdowns.”