Face-swiping Payment Market Size was valued at USD 4.8 Billion in 2022. The Face-swiping Payment market is projected to grow from USD 5.8 Billion in 2023 to USD 25.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.20% during the forecast period (2023 - 2032). Consumers and businesses are increasingly using face-swiping payment technology for small-scale transactions, and technological adoption is rising, are the key market drivers enhancing the market growth.
Fig 1: Face-swiping Payment Market Overview
Services: Secondary Research, Primary Research, MRFR Database and Analyst Review
The expansion can be ascribed to consumers' and businesses' growing use of face-swiping payment technologies for modest-sized transactions. The financial advantages provided by face payments, such as shortened transaction times and simplicity in payment processing, can be used to explain the surge in technology usage. Another important aspect that is anticipated to significantly contribute to the industry's growth is the growing demand for contactless payments on a global scale. Additionally, the face-swiping payment methods are more secure than other digital payment methods since they rely on facial recognition technology rather than PINs and passcodes to authenticate users.
Face recognition technology is being used by several governments to improve the customer experience and allow people to pay by swiping their faces. For instance, the city of Moscow introduced Face Pay in October 2021. This face recognition payment system will be used at more than 240 Mosmetro stations. Metro users must download the Mosmetro mobile app, upload a photo, and link their metro cards and bank accounts in order to utilise Face Pay. In order to prevent physical contact during the COVID-19 epidemic, the Moscow authorities hope to reduce payment processing times and line lengths with this launch. Therefore, it is projected that such measures would further fuel market expansion.
The accuracy and speed of facial recognition technology have increased as a result of technological breakthroughs in artificial intelligence (AI) and machine learning, making it more practical for use in payment transactions. Additionally, it is projected that advancements in face-swiping technology, such as the incorporation of IoT in face-swiping solutions, will propel the market's expansion. Additionally, the market will increase as a result of the increasing number of face-swiping solutions and facilities being introduced by market players to allow customers to make payments utilising the technology. For instance, PopID, a technology startup with headquarters in Los Angeles, employs face identification technology to make it easier for customers to pay at restaurant chains. Over 100 eateries, including about 35 in California, employ this PopPay technology. It extends the PopEntry product from the business, which employs facial recognition to let users into a building or workplace.
Numerous high-tech technological elements are projected to fuel the face-swiping payment market. These features, which enable speedy and secure payments, include facial 3D depth, blink detection, facial motion recognition, bright pupil effect detection, average difference detection, optical flow field judgement, and other algorithms. Furthermore, the expansion of venture capital firms' involvement in businesses that offer face-swiping payment technology is encouraging. For instance, PopID, an identity verification gateway, declared its intention to raise USD 50 million in fundraising in March 2022. This sum would be used to scale its face verification services for payment operations. The parent firm of PopID, Cali Group, which owns the CaliBurger restaurant chain, has already invested USD 25.0 million in the business. Thus, driving the Face-swiping Payment market revenue.
The Face-swiping Payment Market segmentation, based on type, includes payment equipment and payment system. The payment equipment segment accounted for the largest revenue share in 2022. The growth is being fueled by reasons including the rising use of cashier-less ordering kiosks at many fast food chains like Wendy's and McDonald's. Additionally, eateries like the burger company CaliBurger have self-ordering kiosks with facial recognition technology and artificial intelligence installed so that consumers may place orders, make payments, and sign up for the chain's loyalty programme. To tailor orders for customers, it also saves and employs information from past orders.
The Face-swiping Payment Market segmentation, based on application, includes retail, restaurant, travel, and others. Retail segment dominated the Face-swiping Payment Market in 2022. In a drive to improve consumer experience and streamline operations, the vast majority of market players worldwide are using face-swiping payments. For instance, the face verification platform from PopID was used by the retail chain Carrefour and the financial services firm Network International in February 2023. With this installation, Carrefour customers may use Face Pay in the stores in Deira and Amsaf. As a result, market participants in the retail sector can be expected to expand their capabilities and produce new products, which will help the segment grow throughout the projection period.
Figure 2: Face-swiping Payment Market, by Application, 2022 & 2032 (USD Billion)
Services: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Face-swiping Payment Market dominated this market in 2022 (45.80%). The area is renowned for swiftly embracing new technology, making it a lucrative market for Face Swiping Payment providers. A technologically enhanced retail infrastructure and the rising acceptance of automation across a range of industrial verticals are also anticipated to be significant trends propelling the overall growth of the face-scanning payment market in this region. Additionally, the expansion of the Face Swiping Payment Market is anticipated to be aided by the presence of key payment technology suppliers in this area. As a result, it is anticipated that the United States will become this region's most lucrative market. Further, the U.S. Face-swiping Payment market held the largest market share, and the Canada Face-swiping Payment market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: FACE-SWIPING PAYMENT MARKET SHARE BY REGION 2022 (USD Billion)
Services: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Face-swiping Payment market accounted for the healthy market share in 2022. It is projected that the industry would grow as more face-swiping payment platforms are launched around the region. Further, the German Face-swiping Payment market held the largest market share, and the U.K Face-swiping Payment market was the fastest growing market in the European region
The Asia Pacific Face-swiping Payment market is expected to register significant growth from 2023 to 2032. Through the forecast period, rising technological profusion and a shifting payment landscape in this area are anticipated to boost Face Swiping Payment Market potential. India and China are anticipated to be extremely attractive markets because of the nations' rising adoption of technology. Moreover, China’s Face-swiping Payment market held the largest market share, and the Indian Face-swiping Payment market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Face-swiping Payment market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Face-swiping Payment industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Face-swiping Payment industry to benefit clients and increase the market sector. In recent years, the Face-swiping Payment industry has offered some of the most significant advantages to medicine. Major players in the Face-swiping Payment market, including PopID, Inc., FacePay, PayByFace B.V., VisionLabs, Telepower Communication Co, Ltd. (Telpo), PAX Global Technology Limited, Alipay, NEC Corporation, SnapPay Inc., Mastercard, and CloudWalk Technology Co. Ltd., are attempting to increase market demand by investing in research and development operations.
Technology and payment firm Mastercard Inc. (Mastercard) handles the clearing, authorization, and settlement of financial transactions. It provides a wide range of transaction services, including domestic and international transactions, digital payments, real-time account-based payments, and payment system security. It also offers payment solutions for credit, debit, prepaid, and commercial cards. Additionally, Mastercard offers advisory services like consultancy, analytics, and implementation services as well as value-added services like rewards and loyalty programmes. Individuals, businesses, governments, financial institutions, digital partners, merchants, and other organisations are all served by Mastercard. The Americas, the Middle East, Africa, Europe, and Asia-Pacific are all where it conducts business. The American city of Purchase serves as the headquarters of Mastercard. A financial services business called Mastercard launched a new facial recognition payment network in May 2022 that will let users make purchases with their faces or hand gestures. "Smile to pay" is the name of MasterCard's newest payment method. The cardless technology is intended to speed up transactions, reduce store lines, boost security, and enhance cleanliness.
Asset management, business banking, and personal banking services are all offered by Qatar National Bank (QNB). Accounts, fixed deposits, loans, life and non-life insurance, as well as various ancillary services like merchant and e-acquisition, IPO subscription, and dividend distribution, are all part of personal banking. Wealth solutions, funds, portfolio management, and debt funds are all parts of asset management. Cards, brokerage, lending, overdraft options, trade finance, and international cash management are all part of business banking. The bank serves retail, high net worth, and corporate clients through a network of branch offices, ATMs, and online portals. It is operationally present throughout the continents of Africa, the Middle East, Asia, and Europe. The headquarters of QNB are in Doha, Qatar. Merchants in Qatar can now take biometric payments thanks to a new solution developed by commercial banking firm QNB Group in January 2023. As a result of this introduction, QNB Group helped businesses with stores in Qatar by enabling facial biometric payments for their consumers, which is safe and convenient.
April 2022 A financial services company called Visa Inc. joined forces with PopID, a consumer authentication service. The goal of this collaboration was to introduce facial verification payment acceptance throughout the Middle East.
February 2022 Glory Ltd., a producer of a variety of money handling devices, and the Japanese city of Niigata trialled the hands-free shopping street project. The goal of this project was to make it possible for customers to use face recognition technology for online payments even when they are wearing masks.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 4.8 Billion |
| Market Size 2023 | USD 5.8 Billion |
| Market Size 2032 | USD 25.1 Billion |
| Compound Annual Growth Rate (CAGR) | 20.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | PopID, Inc., FacePay, PayByFace B.V., VisionLabs, Telepower Communication Co, Ltd. (Telpo), PAX Global Technology Limited, Alipay, NEC Corporation, SnapPay Inc., Mastercard, and CloudWalk Technology Co. Ltd. |
| 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 |
Face-swiping Payment Market Highlights:
Frequently Asked Questions (FAQ) :
The Face-swiping Payment Market size was valued at USD 4.8 Billion in 2022.
The global market is projected to grow at a CAGR of 20.20% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are PopID, Inc., FacePay, PayByFace B.V., VisionLabs, Telepower Communication Co, Ltd. (Telpo), PAX Global Technology Limited, Alipay, NEC Corporation, SnapPay Inc., Mastercard, and CloudWalk Technology Co. Ltd.
The Payment Equipment Type dominated the market in 2022.
The Retail Application had the largest share in the global market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
