Face Swiping Payment Market Introduction and Overview
According to SPER Market Research, the Global Face Swiping Payment Market is estimated to reach USD 30.23 billion by 2033 with a CAGR of 20.42%.
The report includes an in-depth analysis of the Global Face Swiping Payment market, including market size and trends, product mix, distribution channels, and supplier analysis. Facial recognition, also referred to as face-swiping payment, is a practical payment system that processes transactions using biometric facial recognition technology. When it comes to user authentication, it is more secure than other digital payment methods like passcodes and PINs. The advantages of face payments, such as shorter transaction times and simpler payment processing, are driving up technology use.
- A customer authentication service called PopID and a financial services company named Visa Inc. partnered. The Middle East's acceptance of facial verification payments was to be the main objective of this partnership.
- The hands-free shopping street concept was tested by the Japanese city of Niigata and Glory Ltd., a manufacturer of various money handling equipment. Enabling clients to use face recognition technology for online payments while donning masks was the aim of this initiative.
Market Opportunities and Challenges
Opportunities: Due to the increased usage of facial recognition technology across numerous industries, including retail, banking, and e-commerce, the global face-swiping payment industry is experiencing substantial growth. Users can use this technology to make payments by just scanning their faces, removing the need for physical cards or passwords. Facial recognition technology's appeal is being driven by the comfort and ease of use it provides for both consumers and enterprises. Users may complete transactions swiftly and securely with face-swiping payments, improving the overall payment experience. Furthermore, face recognition technology adds an extra degree of protection by authenticating the user's identification using unique facial traits, lowering the danger of fraud and unauthorized access.
Challenges: High technology implementation costs and technical mistakes can hinder the Face Swiping Payment business. Despite the market's expansion, there are several issues that may limit the market's growth. The expense of using face-swiping equipment is significant, particularly for small enterprises. The level of protection provided by face-swiping payment methods can stifle market expansion. This technology creates worries among users regarding privacy and data security; the data collected during biometrics is also kept, therefore customers are sometimes hesitant to adopt this technology. Technical difficulties can also stall transactions, instilling fear in the minds of clients. People's lack of awareness regarding face-swiping technology is limiting market expansion.
Market Competitive Landscape
Face-swiping Payment has provided some of the greatest major advantages to medical in recent years. PopID, Inc., FacePay, PayByFace B.V., VisionLabs, Telepower Communication Co, Ltd. (Telpo), Mastercard, and CloudWalk Technology Co. Ltd., PAX Global Technology Limited, Alipay, NEC Corporation, SnapPay Inc. are among the major players in the Face-swiping Payment market, and they are attempting to increase market demand by investing in research and development operations.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Type, By Application
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | Alipay, CloudWalk Technology Co. Ltd., Facepa, Mastercard, NEC Corporation, PAX Global Technology Limited, PayByFace B.V., PopID, Inc, SnapPay Inc., Telepower Communications Co., Ltd, VisionLabs, Others |
COVID-19 Impact on Global Face Swiping Payment Market
The COVID-19 pandemic has accelerated the transition to contactless payment systems, which is driving industry growth. Furthermore, increased customer desire for frictionless and seamless payment experiences is driving businesses to implement novel payment methods such as face-swiping, which is boosting market expansion.
Key Target Audience
- Consumers
- Retailers and Businesses
- Payment Solution Providers
- Financial Institutions
- Technology Enthusiasts
- Regulators and Government Authorities
- Security Experts
- Market Researchers and Analysts
Our in-depth analysis of the Face Swiping Payment Market includes the following segments:
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By Type:
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Payment Equipment
Payment System
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By Application:
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Retail
Restaurant
Travel
Others
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By Region:
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Asia-Pacific
Europe
Middle East & Africa
North America
Latin America
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Key Topics Covered in the Report
- Global Face Swiping Payment Market Size (FY’2023-FY’2033)
- Overview of Global Face Swiping Payment Market
- Segmentation of Global Face Swiping Payment Market By Type (Payment Equipment, Payment System)
- Segmentation of Global Face Swiping Payment Market By Application (Retail, Restaurant, Travel, Others)
- Statistical Snap of Global Face Swiping Payment Market
- Expansion Analysis of Global Face Swiping Payment Market
- Problems and Obstacles in Global Face Swiping Payment Market
- Competitive Landscape in the Global Face Swiping Payment Market
- Impact of COVID-19 and Demonetization on Global Face Swiping Payment Market
- Details on Current Investment in Global Face Swiping Payment Market
- Competitive Analysis of Global Face Swiping Payment Market
- Prominent Players in the Global Face Swiping Payment Market
- SWOT Analysis of Global Face Swiping Payment Market
- Global Face Swiping Payment Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Face Swiping Payment Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Face Swiping Payment Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Face Swiping Payment Market
7. Global Face Swiping Payment Market, By Type (USD Million
7.1. Global Face Swiping Payment Market Value Share and Forecast, By Type, 2023-2033
7.2. Payment Equipment
7.3. Payment System
8. Global Face Swiping Payment Market, By Application (USD Million)
8.1. Global Face Swiping Payment Market Value Share and Forecast, By Application, 2023-2033
8.2. Retail
8.3. Restaurant
8.4. Travel
8.5. Others
9. Global Face Swiping Payment Market Forecast, 2019-2033 (USD Million)
9.1. Global Face Swiping Payment Market Size and Market Share
10. Global Face Swiping Payment Market, By Type, 2019-2033 (USD Million)
10.1. Global Face Swiping Payment Market Size and Market Share By Type (2019-2026)
10.2. Global Face Swiping Payment Market Size and Market Share By Type (2027-2033)
11. Global Face Swiping Payment Market, By Application, 2019-2033 (USD Million)
11.1. Global Face Swiping Payment Market Size and Market Share By Application (2019-2026)
11.2. Global Face Swiping Payment Market Size and Market Share By Application (2027-2033)
12. Global Face Swiping Payment Market, By Region, 2019-2033 (USD Million)
12.1. Global Face Swiping Payment Market Size and Market Share By Region (2019-2026)
12.2. Global Face Swiping Payment Market Size and Market Share By Region (2027-2033)
12.3. Asia-Pacific
12.3.1. Australia
12.3.2. China
12.3.3. India
12.3.4. Japan
12.3.5. South Korea
12.3.6. Rest of Asia-Pacific
12.4. Europe
12.4.1. France
12.4.2. Germany
12.4.3. Italy
12.4.4. Spain
12.4.5. United Kingdom
12.4.6. Rest of Europe
12.5. Middle East and Africa
12.5.1. Kingdom of Saudi Arabia
12.5.2. United Arab Emirates
12.5.3. Rest of Middle East & Africa
12.6. North America
12.6.1. Canada
12.6.2. Mexico
12.6.3. United States
12.7. Latin America
12.7.1. Argentina
12.7.2. Brazil
12.7.3. Rest of Latin America
13. Company Profile
13.1. Alipay
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. CloudWalk Technology Co. Ltd.
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Facepa
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Mastercard
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. NEC Corporation
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. PAX Global Technology Limited
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. PayByFace B.V.
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. PopID, Inc
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. SnapPay Inc.
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. Telepower Communications Co., Ltd
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. VisionLabs
13.11.1. Company details
13.11.2. Financial outlook
13.11.3. Product summary
13.11.4. Recent developments
13.12. Others
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
