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.
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:
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.
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.”