Face-swiping Payment Market Size to Reach USD 25.1 Billion, With an 20.20% CAGR by 2032 – Report by Market Research Future (MRFR)

Consumers and businesses are increasingly using face-swiping payment technology for small-scale transactions, and technological adoption is rising

New York, USA, June 22, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “Face-swiping Payment Market Information Deployment Mode, By Type, By Application And 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 Overview:

Face-swiping payment technology is rapidly being used by customers and enterprises for small-scale transactions, and technological acceptance is growing. These factors are the main market drivers accelerating market expansion.

The growth in the adoption of face-swiping payment technology by customers and businesses for small transactions is responsible for the expansion. The rise in technology usage can be attributed to the financial benefits of face payments, such as faster transaction times and less complicated payment processing.

The increasing demand for contactless payments on a global scale is another crucial factor that is projected to considerably contribute to the industry’s growth. Additionally, because they employ facial recognition technology to authenticate users rather than PINs and passcodes, face-swiping payment methods are more secure than other digital payment methods.

The market size for face-swiping payments was estimated at USD 4.8 billion in 2022. The market for face-swiping payments is anticipated to increase from USD 5.8 billion in 2023 to USD 25.1 billion by 2032, growing at a compound annual growth rate (CAGR) of 20.20% over the course of the forecast period (2023-2032).

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Key Companies in the Face-swiping Payment market 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.

Scope of the Report – Face-swiping Payment Market:

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Several governments are utilising facial recognition technology to enhance the customer experience and enable face-scanning payments. For instance, in October 2021, the city of Moscow made Face Pay available. More than 240 Mosmetro stations will employ this face recognition payment technology. In order to use Face ID, metro customers must download the Mosmetro mobile app, upload a photo, and link their metro cards and bank accounts.

With this launch, the Moscow authorities seek to shorten wait times for payments as well as physical contact during the COVID-19 outbreak. It is therefore anticipated that such actions would further encourage market expansion.

Artificial intelligence (AI) and machine learning advancements have improved the accuracy and speed of facial recognition technology, making it more useful for use in payment transactions. Furthermore, it is anticipated that developments in face-swiping technology, such as the integration of IoT in face-swiping systems, will drive the market’s growth. Additionally, the market will expand as more face-swiping facilities and solutions are launched by market participants to enable customers to use the technology for payments.

For instance, the Los Angeles-based technology business PopID uses face identification technology to make it simpler for customers to pay at chain restaurants. More than 100 restaurants use PopPay, including roughly 35 in California. It expands on the company’s PopEntry product, which uses facial recognition to let people enter a structure or place of business.

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Segmentation:

Face-swiping Payment market is segmented on the basis of Type, application, and region.

Payment systems and equipment are included in the type-based segmentation of the face-swiping payment market. In 2022, the payment equipment market had the greatest revenue share. The usage of cashier-less ordering kiosks at several fast food companies, including Wendy’s and McDonald’s, is one factor driving the increase.

Retail, restaurants, travel, and other industries are included in the application-based segmentation of the face-swiping payment market. In 2022, the face-swiping payment market was controlled by the retail sector. Face-swiping payments are used by the great majority of market players worldwide in an effort to enhance customer experience and streamline operations.

The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was dominated 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 Face Swiping Payment providers. Another important factor that is projected to significantly contribute to the growth of the face-scanning payment market in 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 suppliers in this region would help the Face Swiping Payment Market expand. As a result, it is expected that the United States will surpass all other markets in this region in terms of revenue. 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.

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From 2023 to 2032, the Asia Pacific Face-swiping Payment market is anticipated to grow rapidly. The potential of the Face Swiping Payment Market is expected to increase over the course of the forecast period as a result of expanding technical diversity and a changing payment environment in this region. Because of their increasing usage of technology, India and China are expected to be very appealing markets. Additionally, the Indian Face-swiping Payment market had the quickest rate of growth in the Asia-Pacific region, while China’s Face-swiping Payment market had the greatest market share.

The market’s top players are spending a lot of money on R&D to diversify their product offerings, which will accelerate the Face-swiping Payment market’s expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic actions to increase their global footprint. Face-swiping Payment business must provide affordable goods if it is to grow and thrive in an increasingly competitive and challenging market environment.

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