Dublin, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The "Global Face-swiping Payment Market Size, Share & Industry Trends Analysis Report By Type (Payment Equipment (POS Equipment and Kiosk) and Payment System), By Application (Retail, Restaurant, Travel, and Others), By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Face-swiping Payment Market size is expected to reach $11.9 billion by 2028, rising at a market growth of 17.4% CAGR during the forecast period.
Market Growth Factors
Increasing Face Swiping Payment Market Adoption In Diverse Applications
The increasing use of face-scanning technology for a variety of purposes plays a crucial role in market growth. To improve the customer experience, several cities are attempting to implement Face Swiping Payment Market systems at bus and metro stations. For example, Moscow city announced the launch of Face Pay, a face-scanning payment system implemented at Mosmetro stations. Face Pay requires users to use the Mosmetro smartphone app, upload a photo, and link their bank accounts and metro cards to complete purchases effectively.
Compliance With Governmental Laws And Requirements
For businesses to maintain and preserve POS systems, they must conform to data privacy and protection regulations. This includes the PCI Data Security Standard (PCI DSS), which dictates the security standards for all companies that accept credit cards. Financial institutions mandate the PCI Security Standards Council, which is responsible for enforcing PCI DSS and monitoring its compliance, to supervise its execution. It is a comprehensive collection of regulations that enforce stringent data security controls and procedures on merchants and service providers who store, handle, or transfer customer credit card information.
Market Restraining Factors
Lack Of Staff Awareness About The Use Of PoS Systems
It is vital to ensure that POS systems are only accessible to screen employees who have been granted permission to use them. If no one is using POS systems, it is not necessary to instruct everyone on how to operate them. Access to POS systems must be restricted to only those with authorization and who can be trusted. When using a mobile POS device, there are additional complications. If the gadgets are portable, employees may erroneously take them home. Concerns might emerge over the security of sensitive data stored on the devices.
Type Outlook
Based on the Type, the Face-swiping Payment Market is segmented into Payment Equipment and Payment System. The payment equipment segment acquired the highest revenue share in the face-swiping payment market in 2021. It is due to the reasons such as the increasing popularity of cashier-free ordering kiosks at fast-food chains such as Wendy's and McDonald's. Moreover, eateries such as the burger brand CaliBurger have installed self-ordering kiosks using facial recognition technology and machine intelligence to allow consumers to order meals, make payments, and sign up for the business's loyalty program.
Application Outlook
By Application, the Face-swiping Payment Market is classified into Retail, Restaurant, Travel, and Others. The travel segment registered a significant revenue share in the face-swiping payment market in 2021. The rapid rise of face-swiping payment technology and the increasing inclination for touchless payments as a result of the pandemic is among the main variables that are anticipated to fuel the segment's growth. Moreover, many steps implemented by transportation firms to promote the adoption of face-recognition payment systems are further fostering segment expansion.
Regional Outlook
Region-wise, the Face-swiping Payment Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment acquired the largest revenue share in the face-swiping payment market in 2021. Rising awareness of the benefits of face-swiping payment systems in nations such as India, China, and Japan is credited with the rapid spread. It is anticipated that the creative efforts of many regional enterprises to promote the usage of face-swiping payments would also contribute to regional growth.
Key Market Players
List of Companies Profiled in the Report:
- Ant Group (Alipay) (Alibaba Holding)
- NEC Corporation
- Mastercard, Inc.
- PopID, Inc. (Cali Group)
- PayByFace B.V.
- VisionLabs (Mobile TeleSystems OJSC)
- SnapPay, Inc.
- CloudWalk Technology Co. Ltd.
- PAX Global Technology Limited
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Global Face-swiping Payment Market by Type
Chapter 4. Global Face-swiping Payment Market by Application
Chapter 5. Global Face-swiping Payment Market by Region
Chapter 6. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/58l2og
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