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Palm Payment Technology Market Share

Report ID: GMI9985
Published Date: Jun 2024
Report Format: PDF

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Palm Payment Technology Market Share

Amazon.com, Inc. & Fujitsu Limited hold a significant share of over 15% in the palm payment technology industry. To improve consumer convenience and security, biometric payment technologies, such as palm recognition, have been aggressively investigated by Amazon.com, Inc., a leader in e-commerce and technological services worldwide. By using palm scanning technology for authentication in its Amazon Go stores and Amazon One project, Amazon is leading the way in contactless payment solutions.

Customers can use Amazon One to quickly and easily complete transactions without using actual credit or debit cards by connecting their fingerprint to their payment details. Amazon hopes to revolutionize the shopping experience and establish new benchmarks for seamless payments by incorporating palm payment technology into its ecosystem. Amazon's initiatives have the potential to impact the wider adoption of palm payment technology in the retail industry and other sectors due to its vast customer base and infrastructure.

Fujitsu Limited, a leading Japanese multinational provider of information technology equipment and services, has led the way in creating cutting-edge biometric technologies such as palm vein recognition for payment applications. The palm vein technology from Fujitsu is well-known for its great accuracy and security, which makes it appropriate for use in a variety of industries such as healthcare, retail, and banking. To improve transaction security and consumer convenience, Fujitsu has teamed up with retail chains and financial institutions to implement palm payment systems.

Fujitsu keeps innovating and growing its revenue share in the palm payment technology market by utilizing its proficiency in digital transformation services and biometric technologies. Due to its dedication to creating dependable & expandable biometric solutions, the company is positioned to play a significant role in propelling the global uptake and advancement of palm payment technology.

Palm Payment Technology Market Companies

Major players operating in the palm payment technology industry are:

Amazon.com, Inc.
Fujitsu Limited
NEC Corporation
Hitachi, Ltd.
IDEMIA
BioSec Group Ltd.
M2SYS Technology

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size of palm payment technology reached USD 57.8 million in 2023 and is set to witness over 25% CAGR between 2024 and 2032, owing to a much higher level of security offered by palm payment technology compared to conventional payment methods.

The software segment is expected to register 25% CAGR during 2024-2032, as palm payment software powers security, usability, and functionality of biometric payment systems.

North America market accounted for over 35% market share in 2023, driven by technological innovations, consumer readiness, and a strong emphasis on security & convenience.

Amazon.com, Inc, Fujitsu Limited, NEC Corporation, Hitachi, Ltd, IDEMIA, BioSec Group Ltd, M2SYS Technology among others.