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Recent years have seen a rapid expansion of consumer biometric applications due to the increased use of mobile devices and the widespread use of biometric systems, security and access control equipment, which dominates the consumer electronics market. Consequently, it is promoting the India fingerprint payment market's expansion.
The fingerprint payment efficiently and securely verifies the payer's identity for in-store transactions using chip technology in conjunction with fingerprint recognition. It is compatible with EVM terminals all over the world. Using a fingerprint, a built-in sensor controlled by the chip verifies identity. Additionally, the fingerprint payment method employs both passive and active biometrics to give customers the greatest experience possible and to add layers of security for retailers.
Initiatives Based on Financial Inclusion Generating Demand
One of the revolutionary technologies to shift to the next generation of the fingerprint payment is the integration of the biometric sensor. In addition to offering a long-lasting security authentication mechanism, this enables the payment to evolve from a simple and secure authentication medium to one that can assist financial institutions and issuers in differentiating and achieving new levels of brand stickiness, personalising experiences, and facilitating access to more markets and opportunities via financial inclusion initiatives and IoT market connections.
Moreover,
Download Free Sample ReportIntegration Of Fingerprint in Aadhar-Enabled Payments
Online Cashless Payment System that uses the Aadhaar Card's fingerprint. Several types of instalment systems use unique mark installment systems rather than carrying around cards and having to keep track of individual card passwords and PINs. Providing security for consumers' banking transactions is now the biggest problem facing e-payment systems.
A bio-metric system called fingerprint technology is used to categorize people according to their physical characteristics. The most used biometric method for providing authentication is fingerprint.
Advancement in Biometric Technology
Point-of-sale (POS) technology called biometric payment systems uses biometric authentication to let a transaction or payment to take place. As fingerprint identification systems are easy to use and very inexpensive, biometric payments made possible by fingerprint authentication technologies are the most extensively used. A single biometric payment terminal may now accept various forms of authentication, including fingerprint, iris, palm, and others thanks to advancements in technology. Moreover, in recent years, IoT has assumed a significant role. By providing secure and encrypted data by monitoring guarded systems and enabling quicker data analysis, the Internet of Things (IoT) significantly improves the biometric data saving process. Moreover, cost-effective and secure biometrics have been made possible with the development of the Raspberry Pi and cloud technologies. Paying with an EMV card is now easier than ever owing to a fingerprint sensor on the card body. Without having to input a PIN on the Point-of-Sale (POS) Terminal, transactions can be completed in contact or contactless modes with just a touch. The removal of the cap or limit on contactless payment transactions is another significant advantage of employing fingerprint payment. Users are securely authorized using their fingerprints and can benefit from contactless convenience for any amount.
Restraining Factor
Cashless retail establishments have been made possible by technology advancements, which is expected to be a major barrier to the adoption and expansion of biometric payment systems. The high cost of the biometric payment terminal system and the low level of awareness in many developing nations are the two main constraints limiting the value growth of the India fingerprint payment market. Moreover, the technology needed for fingerprint scanners in payment is more expensive than the technology employed in the current generation of payment cards. Although, consumers could be ready to pay a little premium for a more secure payment card, the fingerprint payment present price, which is anticipated to be roughly USD 20 per card, prevents widespread user acceptance. Thereby. hindering the growth in the India fingerprint payment growth.
Recent Developments
- A new security element has just been added tothe Aadhaar Enabled Payment System (AEPS)by the Unique Identification Authorityof India (UIDAI). It is anticipated that the security feature, known asfingerprint "liveliness," will help prevent the use of phoneyfingerprints to withdraw money through AEPS. ThePoS can now verify whether the fingerprint being used is of an individual whois still alive or not. The official previously mentioned also said that fraudis extremely uncommon (approximately 0.005% of the time). Morethan 1,507 Cr in last-mile banking transactions have been made possible throughAEPS so far. Hence, the system has had about 7.54 lakh fraudulent transactions(a simple calculation, taking the number of transactions and the percentage offraudulent transactions).
- As of Feb 2023, to provide biometric paymentcards in India, Antworks Money partnered with Zwipe, a payment technologycompany. Zwipehas been chosen by Antworks Money, a Gurugram-based neobanking platform, toprovide biometric payment cards in India. Zwipe will gain more momentum in theIndian market for biometric payment cards as a result of this agreement. Bothbusinesses have decided to capitalize on the expanding market potential forbiometric on-card payment solutions in India as part of their collaboration.Following ahead, Antworks Money will work with Zwipe's regional cardmanufacturing partners to promote Zwipe Pay solutions to banks and financialinstitutions in India.
- As of Nov 2022, a partnership between the cardmanufacturer Tag Systems and the Swiss-based biometrics company FingerprintCards will enable the global rollout of an advanced biometric payment cardsystem. Cardholders will be able to benefit from the security ofbiometric-enabled payment cards thanks to the wider client base of banks, FinTechs,and tag systems. The solution will be built using Fingerprints' biometrictechnology, which is already operational in more than 30 commercial launchesand pilots throughout the world. The ST Microelectronics STPay-Topaz-Bio-basedpayment card solutions and services from Tag Systems will be integrated withthe pre-certified T-Shape sensor module from fingerprints and softwareplatform. In India, Fingerprint Cards partnered with Mswipe and Transcorptargeting 940 million active cardholders in the country.
Market Segmentation
Market player
Major players operating in the India Fingerprint Payment market are
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018– 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, value, and CAGR for 2018 -2022 and 2023 - 2028 |
| Report coverage | Revenue forecast, Company Share, growth factors, and trends |
| Segments covered | By Component By Type of Fingerprint Scanners By End User By Region |
| Region | North, West, South, East |
| Key companies profiled | Synaptics Incorporated, Apple India Private Limited, Thales India Pvt Ltd., NEC Corporation India Pvt. Ltd., Precision Biometric India Pvt Ltd, IDEMIA Identity & Security India Private Limited, Anviz Global Inc, India Acquisition Holding Inc (Fingerprint Cards AB), IDEX Biometrics ASA, Infineon Technologies India Pvt Ltd |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
