The biometric payment market is projected to grow from $9.89 billion in 2024 to $45.99 billion by 2035, at a CAGR of 18.12%. This technology uses physical and behavioral traits for secure transactions, gaining popularity due to smartphone use and the need for enhanced security amid increasing cyber threats.
The global biometric payment market, valued at $9.89 billion in 2024, is expected to reach $45.99 billion by 2035, growing at a compound annual growth rate (CAGR) of 18.12%. This form of payment utilizes unique physical or behavioral traits, such as fingerprints and facial recognition, to securely authenticate transactions, making it more secure than traditional password or PIN systems. The technology can be applied to both in-person and online transactions, greatly enhancing security and user experience.
The biometric payment market is significantly driven by smartphone adoption, the rising threat of cybersecurity breaches, and the demand for secure payment systems. Biometric technologies are evolving to include contact and contactless methods, with trends showing increased integration into various industries besides payments. The market’s growth is poised to continue as security and convenience remain key consumer priorities.
Original Source: amnews.live
