New York, USA, July 19, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Face-swiping Payment Market Information By Type, By Application, By Region – Market Forecast Till 2032”. The Face-swiping Payment Market could thrive at a rate of 20.20% between 2023 and 2032. The market size will be reaching around USD 25.1 Billion by the end of the year 2032.
Face-swiping Payment Market Analysis:
The face-swiping payment market is growing rapidly, as consumers and businesses look for more convenient and secure ways to pay. This type of payment technology uses facial recognition software to identify a person and authorize payment. Face-swiping payments are becoming increasingly popular in a variety of industries, including retail, healthcare, and transportation.
Key Players:
Eminent industry players profiled in the global face-swiping market report include.
- PopID, Inc.
- FacePay
- PayByFace B.V.
- VisionLabs
- Telepower Communication Co, Ltd. (Telpo)
- PAX Global Technology Limited, Alipay
- NEC Corporation
- SnapPay Inc.
- Mastercard
- CloudWalk Technology Co. Ltd.
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Scope of the Report - Face-swiping Payment Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 25.1 Billion |
| CAGR during 2023-2032 | 20.20% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Rising partnerships between companies and influx of private investments for facial. |
| Key Market Dynamics | The increasing adoption of face-swiping payment technology by consumers and merchants for small-scale transactions and rise in the adoption of technology. |
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Drivers:
Presence of High-Tech Technological Features to Boost Market Growth
Numerous high-tech technical elements are projected to fuel the face-swiping payment industry. These characteristics, which enable speedy and safe payments, include face 3D depth, blink detection, facial motion identification, bright pupil effect detection, the average difference detection, the optical flow field judgment, and other algorithms. Furthermore, the expansion of venture capital firms' involvement in businesses that offer face-swiping payment technology is encouraging.
Opportunities:
Increased Convenience to offer Robust Opportunities
Face-swiping payments' widespread acceptance has been greatly influenced by their contactlessness and ease. Users of this payment method may complete transactions quickly and easily without the usage of mobile devices or physical credentials thanks to face recognition technology. Consumers enjoy a seamless payment experience when they can complete transactions by simply gazing at a sensor or camera, which increases their convenience. Major technology providers like Google Pay, Apple Pay, and Alipay all provide face-swiping payment options that are gaining popularity. To facilitate easy and contactless transactions, several firms have integrated face recognition technology in their payment systems, which have gained considerable user support.
Restraints and Challenges:
Technical Flaws to act as Market Restraint
Technical flaws like low resolution and poor lighting, high implementation cost, and worriers concerning the security level offered by these payment solutions may act as market restraints over the forecast period.
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Market Segmentation:
The global face swiping market is bifurcated based on type and application.
By type, payment equipment will lead the market over the forecast period. The usage of the cashier-less ordering kiosk at several fast food companies, including Wendy's and McDonald's, is one factor driving the increase. Additionally, restaurants like the burger business CaliBurger have the self-ordering kiosk with artificial intelligence and facial recognition technology installed so that customers may place orders, make payments, and enroll in the chain's loyalty program. It also stores and makes use of data from previous orders to customize orders for consumers.
By application, retail will domineer the market over the forecast period. Face-swiping payments are used by the great majority of market participants globally in an effort to enhance customer experience and streamline operations. For instance, the financial services company Network International and retail chain Carrefour both employed PopID's face verification technology in February 2023. Customers of Carrefour may now use the Face Pay in shops in Deira and Amsaf thanks to this installation. As a consequence, it is reasonable to anticipate that market participants within the retail sector would increase their capacity and create new items, which will aid in the segment's growth throughout the course of the projected period.
COVID-19 Analysis:
The COVID-19 epidemic had a favorable effect on the development of face-swiping payment sector. Due to the need for touchless payments generated by the social distance rules and laws, businesses that provide face-swiping technology gained. Over the course of the projection period, the industry's development is also anticipated to be fueled by the expansion of partnerships and the introduction of face-swiping technologies during the COVID-19 pandemic. For instance, financial services company Mastercard announced the introduction of biometric payment technology in May 2022, allowing customers to process purchases with their face or hand at the register.
Regional Analysis:
North America to Head Face Swiping Market
In 2022, this market was headed by the North American Face-swiping Payment Market (45.80%). Because of its reputation for adopting new technologies quickly, the region is a valuable market for the Face Swiping Payment provider. Another important factor that is projected to significantly contribute to the growth of the market within this region is the development of a technologically advanced retail infrastructure and the expanding acceptance of automation across a variety of industrial verticals. Additionally, it is projected that the presence of major payment technology providers in this region would help the market expand. As a result, it is expected that the US will surpass all other markets in this area in terms of revenue.
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Additionally, the North American face-swiping payment market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion. Due to accurate identification verification & security assessment, the face swiping payment industry is expanding. Cities are working to improve the facial recognition payment systems in bus & metro stations in an effort to enhance the consumer experience. Additionally, providing the right commercial possibilities for business participants is one of the most significant factors affecting them. Customer performance & economic trends are combined in this face-swiping payment industry to enhance business ideas. By reducing the risks involved with the operation, it also makes the key leader of the company's responsibility easier. Additionally, the industry helps companies comprehend the main potential and problems faced by market participants. The market for face-swiping payments in this region is growing as a result of all of these causes.
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