Home > Media & Technology > Information Technology > Biometric Payment Market

Biometric Payment Market Share

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

Download Free Sample

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.

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.