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Biometric Payment Market Size - By Biometric Mode (Fingerprint Recognition, Facial Recognition, Voice Recognition, Iris Recognition, Palm Vein Recognition), By Application, By Organization Size, By Technology & Forecast, 2024 - 2032

  • Report ID: GMI10033
  • Published Date: Jun 2024
  • Report Format: PDF

Biometric Payment Market Size

Biometric Payment Market size was valued at USD 8.83 billion in 2023 and is anticipated to grow at a CAGR of over 17.1% between 2024 and 2032, due to the growing sophistication of cyber threats directed at financial transactions. Biometric authentication, although providing enhanced security via distinct biological identifiers such as fingerprints or facial features, is confronted with issues such as spoofing and data breaches.

Biometric Payment Market

As biometric payment systems proliferate, it is imperative to guarantee strong encryption, safe biometric data storage, and frequent updates to counter the evolving threats. These issues are crucial to preserving consumer confidence and regulatory compliance, as well as creating a secure environment for the adoption of biometric payments in a variety of industries worldwide.

The demand for convenience in biometric payments reflects consumers' preferences for seamless, efficient, and user-friendly transaction experiences. Biometric authentication eliminates the need for traditional techniques such as PINs or passwords, expediting the payment process. This convenience can be integrated with different applications, from retail purchases to online transactions and mobile payments, where quick and reliable verification enhances consumer happiness.

Meeting customer expectations for simple transactions becomes essential for market growth as technology develops and biometric systems interface with mobile devices and payment platforms. The enhancement of the biometric payment experience continues to revolve around striking a balance between ease of use and strict security protocols.

The unique and sensitive nature of biometric identifiers, such as fingerprints or face scans, which are irreplaceable if hacked, gives rise to privacy concerns around biometric data. Concerns include possible abuse, illegal entry, or security lapses that may allow identity theft. Strict access controls, strong security measures, and adherence to data protection laws, such as GDPR, are all necessary for protecting biometric data. Market players need to address these problems to build user trust and ensure the ethical treatment of personal biometric data in biometric payment systems and other applications.

Biometric Payment Market Trends

The use of biometric authentication for purposes other than conventional payment methods is also becoming increasingly popular. Biometric technologies, such as fingerprint scanning and facial recognition, are being widely used in industries other than payments, such as government services, healthcare, and access control. This trend makes use of biometrics' security and convenience to improve user experiences in routine encounters. Airports are using biometric systems, for example, to verify passengers quickly & easily.

Healthcare facilities, on the other hand, utilize biometric authentication to safely access patient records. This growth indicates that biometric technology is becoming more widely used as a flexible identity verification solution across several industries, spurring innovation and improving operational effectiveness. For instance, in April 2023, Google implemented biometric authentication for Android Auto, allowing users to access vehicle infotainment systems via fingerprint or facial recognition. This move extends biometric usage beyond payments, emphasizing convenience and security in automotive interfaces.

The emphasis on behavioral biometrics and continuous authentication is another development in the biometric payment market. Conventional biometric identification confirms identity at the point of entry, such as when making a purchase. On the other hand, continuous authentication keeps an eye on user behavior and biometric patterns the entire time to identify any unusual or suspect activity. This method enhances security by offering real-time alerts and adjusting authentication levels in response to user activity.

Using distinct patterns, such as mouse movements, touchscreen gestures, or typing speed, behavioral biometrics build a detailed profile of every user, providing a more flexible and dynamic security system. This approach guarantees strong protection against fraud and illegal access in biometric payment systems while addressing changing cybersecurity risks. For instance, in February 2023, HSBC launched continuous authentication using behavioral biometrics. The system analyzes user behavior during online banking sessions, enhancing security by dynamically adjusting authentication based on real-time behavioral data, ensuring a secure banking experience.

Biometric Payment Market Analysis

Biometric Payment Market Size, By Technology, 2022-2032 (USD Billion)

Based on technology, the market is divided into contact-based, contactless and hybrid. The contact-based segment dominates the market and is expected to reach over 17.44 billion by 2032.

  • Within the biometric payment market, the contact-based segment denotes transactions in which payment cards or devices requiring physical interaction with a reader or terminal for authentication are equipped with biometric authentication. Before completing a transaction, consumers using this method usually place their finger, palm, or other biometric identifier onto a sensor to prove their identification.
  • Contact-based biometric payment systems lower fraud risks by using biometric data in place of conventional PINs or signatures, providing increased security. In addition to enhancing convenience and transaction speed, they are becoming more widely used for safe and effective payment authentication in retail, banking, and transit environments across the globe.
Biometric Payment Market Share, By Organization Size, 2023

Based on organization size, the biometric payment market is categorized into large enterprises and small and medium-sized enterprises (SMEs). The SMEs segment is the fastest growing segment with a CAGR of over 17% between 2024 and 2032.

  • SMEs are companies that, in comparison to larger firms, maintain a relatively small scale in terms of assets, revenues, and personnel. Less than 250 people work for SMEs on average, though this figure can vary by nation. They are essential to economic growth since they greatly boost GDP growth, innovation, and the creation of jobs in many nations.
  • SMEs are well-known for their adaptability, flexibility, and spirit of entrepreneurship. They frequently cater to local communities or niche markets. SMEs encounter distinct obstacles that affect their expansion and longevity, including restricted resources, difficulty obtaining funding, and rivalry from bigger businesses.
U.S. Biometric Payment Market Size, 2022-2032 (USD Billion)

North America biometric payment market accounted for 32% of the revenue share in 2023. The U.S. market plays a pivotal role in advancing secure and convenient payment solutions through the adoption of biometric technologies such as fingerprint, facial recognition, and voice identification. for upcoming missions through cooperation with foreign businesses and organizations. To improve security and user experience, prominent American businesses and financial institutions are at the forefront of incorporating these technologies into payment systems.

The market is driven by the need for frictionless transactions from customers, regulatory compliance, and fraud protection. The United States is a leader in the global biometric payment environment because to innovation hubs and tech giants that are constantly creating state-of-the-art biometric apps.

China is a significant player in the biometric payment market thanks to its quick adoption of cutting-edge biometric technologies and mobile payment solutions. Prominent Chinese technology firms, Tencent and Alibaba, have incorporated fingerprint scanning and facial recognition into their respective payment systems, WeChat Pay and Alipay. To increase efficiency and security in financial transactions, the Chinese government also supports the use of biometrics.

The biometric payment market in Japan is distinguished by its emphasis on advanced, safe, and effective solutions. The nation has integrated biometric authentication into a number of industries, including retail, finance, and transportation. Japanese businesses are pioneers in the development of biometric technologies, including facial recognition and palm vein technology, as demonstrated by Hitachi and NEC. Japan's emphasis on security and precision, which caters to a population that values cutting-edge and dependable technology, is what is driving the adoption of these technologies.

South Korea's robust technological infrastructure and innovative culture are helping it to rapidly advance in the biometric payment business. Major IT companies in the nation, such as Samsung, have integrated fingerprint and iris recognition into their payment systems through biometric authentication. The banking industry in South Korea is also ahead of the curve in implementing biometric technologies to improve security and user friendliness.

Biometric Payment Market Share

Apple Inc. and Samsung Electronics hold a significant share of over 10% in the biometric payment industry. Apple Inc. revolutionized the biometric payment industry with Touch ID and Face ID, integrated into its Apple Pay service. Touch ID uses fingerprint recognition, while Face ID uses facial recognition, both ensuring secure and seamless transactions for users of Apple devices. These technologies have set a high standard for biometric authentication in mobile payments, combining convenience with robust security measures to protect user data and transactions effectively.


Samsung Electronics integrates biometric authentication technologies like fingerprint scanners and facial recognition into its mobile devices. These features enable secure and convenient payment transactions through platforms like Samsung Pay. By leveraging its expertise in mobile technology and security, Samsung enhances user authentication for contactless payments, providing consumers with a seamless and secure payment experience. Samsung's commitment to innovation in biometric payments reinforces its position as a leading provider of cutting-edge mobile solutions globally.

Biometric Payment Market Companies

Major players operating in the biometric payment industry are:

  • Apple Inc.
  • Fingerprint Cards AB
  • Google LLC
  • Mastercard Inc.
  • PayPal Holdings, Inc.
  • Samsung Electronics
  • Visa Inc.

Biometric Payment Industry News

  • In November 2023, Apple Pay expanded its biometric authentication capabilities, introducing voice recognition as a new security feature for payments. This enhancement allowed users to authorize transactions using their voice, adding an additional layer of security alongside existing methods such as Face ID and Touch ID. This initiative aimed to offer users more flexibility and choice in how they authenticate payments, enhancing security while ensuring a frictionless payment experience across its ecosystem of devices and services.
  • In September 2023, Mastercard unveiled its biometric payment card, integrating fingerprint scanning technology to enhance security and convenience in contactless transactions. The card allows users to authenticate payments by simply placing their fingerprint on the card's sensor, eliminating the need for PINs or signatures. This innovation aims to bolster consumer trust in digital payments by providing a seamless and secure payment experience, further advancing the adoption of biometric authentication in the payment industry.

The biometric payment market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) from 2021 to 2032, for the following segments:

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Market, By Biometric Mode

  • Fingerprint recognition
  • Facial recognition
  • Voice recognition
  • Iris recognition
  • Palm vein recognition

Market, By Application

  • BFSI
  • Retail and e-commerce
  • Healthcare
  • Transportation and logistics
  • Government and public sector
  • Telecommunications
  • Others

Market, By Organization Size

  • Large enterprises
  • Small and medium-sized enterprises (SMEs)

Market, By Technology

  • Contact-based
  • Contactless
  • Hybrid

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA


Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size of biometric payment reached USD 8.83 billion in 2023 and is set to witness over 17.1% CAGR from 2024 to 2032, due to the growing sophistication of cyber threats directed at financial transactions.

The contact-based technology segment in the biometric payment industry is projected record over USD 17.44 billion by 2032, owing to its ability to lower fraud risks by using biometric data in place of conventional PINs or signatures.

The small and medium size enterprises (SMEs) segment in the biometric payment market is projected to grow at over 17% CAGR between 2024 and 2032, as they frequently cater to local communities or niche markets.

North America market recorded over 32% share in 2023 and is estimated to grow at significant rate between 2024 and 2032, attributed to the rising need to improve security and user experience with foreign businesses and organizations.

Biometric Payment Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 25
  • Tables & Figures: 305
  • Countries covered: 21
  • Pages: 210
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