Market Overview:

Face-swiping Payment Market Size was valued at USD 6.40 Billion in 2023. The Face-swiping Payment market is projected to grow from USD 7.73 Billion in 2024 to USD 35.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.82% during the forecast period (2024 - 2032).

Face-swiping payments will grow more prevalent in the next years due to the rapid advancement of technology in all industry verticals. The acceptability of Face Swiping Payments will increase globally due to the increased demand from consumers for quick and simple payment options. The combination of cutting-edge technologies, technological breakthroughs, and the expanding application of facial recognition technology is anticipated to propel the facial Swiping Payment Market upward during the course of the forecast year. The potential of the face-swiping payment market is also expected to be positively impacted over the course of the forecast time by increasing automation expenditures in retail infrastructure. However, it is predicted that concerns about safety and ignorance would prevent the face-swiping payment sector from growing as a whole until 2028. Due to its compliance with social distancing norms, Face Swiping Payment became increasingly popular during the COVID-19 pandemic. The growing consumer demand for contactless payment technology in the post-pandemic era is anticipated to propel the growth of the face-swiping payment market at a robust pace.

Market Dynamics:

Market Drivers:

Many high-tech technological elements are expected to fuel the face-swiping payment sector.

• Facial 3D depth, blink detection, facial motion recognition, bright pupil effect identification, average difference detection, optical flow field judgement, and additional algorithms that allow speedy and secure payments are a few of these features. Furthermore, the industry's expansion is encouraged by venture capital firms' increasing investments in businesses that provide face-swiping payment technology.
• For instance, in March 2022, PopID, identity verification gateway, announced that it aimed at raising USD 50 million in funding for scaling its face verification services for payment functions. The company has already raised USD 25.0 million in funding from CaliBurger restaurant holding company Cali Group, a PopID’s parent company.

Market Trends:

The Face-Swiping Payment Technology Industry is Growing because to the Growing Use of it by Merchants and Customers for Small-Scale Transactions.

• Face-swiping payment technology utilised by consumers and businesses for small-scale transactions may be the cause of the growth. One explanation for the increase in technology use is the financial advantages of face payments, which include quicker transaction times and simpler payment processing. Another important aspect that is predicted to have a significant impact on the industry's growth is the growing demand for contactless payments worldwide. Facial-swiping payment methods are also more secure than other digital payment methods since facial recognition technology, not PINs or passcodes, is employed to identify individuals. Several governments are using facial recognition technology to enhance customer satisfaction and enable face-swipe payments.
• For instance, In October 2021, the city of Moscow introduced Face Pay. 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 an effort in order to prevent physical contact during the Covid-19 outbreak, the Moscow authorities are hoping that this launch will eliminate wait times and payment processing times. As a result, it is anticipated that these steps would promote additional market growth.

Market Restraining Factors:

Security concerns

• Regarding the security of the facial recognition software used for face-swiping payments, some customers have reservations. These worries stem from the possibility that an attack on security could provide hackers access to a user's face data. In such circumstances, criminals may use the information they have gained to engage in crimes or may pretend to be the victim in order to steal identity. This issue should be considered by businesses looking to employ this technology, as certain customers may be reluctant to accept face-swiping payments because of it.

Market Opportunities:

Growing Integration with Smartphones

• The growing combination of facial recognition technology for payment purposes with cellphones offers a noteworthy benefit. Facial recognition hardware and software are now commonplace on many devices. It is possible that customers won't require any extra hardware in order to use face-swiping payments. Customers may easily authenticate payments at retailers and other sites using their current handsets. Since face-swiping payments eliminate the need for customers to carry around separate devices for mobile payments, convenience could play a major role in driving adoption of these payments methods.

Key Industry Developments:

In 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.

In 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 Coverage:

The report will cover the qualitative and quantitative data on the global Face-swiping Payment Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

By Type (Payment Equipment, Payment System), By Application (Supermarket, Restaurant, Travel, Other Applications).

Report Scope and Segmentations:

Key Companies in the Face-swiping Payment market include:

• PopID, Inc.
• FacePay
• PayByFace B.V.
• VisionLabs
• Telepower Communication Co, Ltd. (Telpo)
• PAX Global Technology Limited
• Alipay
• NEC Corporation
• SnapPay Inc.
• Mastercard
• CloudWalk Technology Co. Ltd.

Face-swiping Payment Industry Developments:

April 2022: Visa Inc., a provider of financial services, and PopID, a customer authentication service, teamed together. This project aimed to expand the use of facial verification for payments across the Middle East.

February 2022: The hands-free shopping street experiment was tested by Glory Ltd., a manufacturer of a variety of money handling equipment, and the Japanese city of Niigata. The objective of this research was to enable users of face recognition technology to make online purchases while using masks.

Face-Swiping Payment Market Segmentation Analysis:

By Type

• Payment Equipment
• Payment System

By Application

• Supermarket
• Restaurant
• Travel
• Other Applications

Segmentation Analysis:

The market scope is segmented because of by Type, by Application.

By Type

Based on the Type of the market is segmented into Payment Equipment, Payment System.

The real equipment that makes face-swiping transactions possible is referred to as payment equipment. Commonplace devices that meet this definition include smartphones and tablets with facial recognition capabilities. Point-of-sale (POS) terminals and portable facial recognition scanners are also included in this category. The specific instruments utilised are dependent on the situation. For example, a typical point-of-sale terminal with an embedded camera might be used at a grocery store checkout, but a high-security transaction might require a certain type of facial recognition scanner.

The software and hardware that comprise the payment system enable face-swiping payments. These are the facial recognition algorithms that look at a person's face to verify their identity. This system also has secure payment gateways that ensure the secure transmission of financial information.  The payment process is finally completed when transaction processing systems handle the money transfer between the payer and the payee.  The payment system is essentially the company's brains; it is the mechanism that keeps everything operating safely and properly.

By Application

Based on the Application of the market is segmented into Supermarket, Restaurant, Travel, Other Applications.

When payments are made via face scanning, grocery shops gain from a quick and easy checkout process. Customers can avoid searching for cash or credit cards at self-checkout stations or cashier's terminals by using facial recognition technology. As a result, checkout times are accelerated and overall store productivity is increased. Supermarkets may also utilise facial recognition data to create personalised marketing campaigns and loyalty schemes.

It is easier to process face-based payments in the restaurant industry. At the table, clients can use high-tech devices, such as cellphones with facial recognition software, to pay their bills. Customer satisfaction and restaurant table turnover rates are increased when wait times for waiters to process payments are shortened.

Paying with your face could also be advantageous in the travel business. Just picture yourself going past airport security or paying for duty-free items with your face. This provides for faster processing times in addition to making travel considerably simpler, especially during the busiest travel seasons.  In an effort to enhance passenger flow, airports and travel agencies are increasingly using facial recognition technology.

Regional Snapshots:

In the worldwide business scene in 2021, the North American face-swiping payment market held a significant 46.1% market share. Suppliers of Face Swiping Payments discover that this sector is lucrative due to the region's fast adoption of new technologies. This region's face-swiping payment market is also anticipated to grow as a result of the presence of a highly technologically advanced retail infrastructure and the growing acceptance of automation in a variety of corporate verticals. Another factor that is expected to bolster the expansion of the Face Swiping Payment Market is the existence of major payment technology suppliers in this domain. Therefore, it is anticipated that the US market will be the most lucrative in this area.

The face-swiping payment market in Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) through 2028. The region's changing payment environment and increasing technological diffusion are expected to promote the face-swiping payment market potential over the projection period. It is anticipated that China and India would become extremely profitable markets due to their countries' rapid technological advancement. Over the course of the predicted years, greater costs for the construction of retail infrastructure and an increase in travel in this region are expected to fuel further expansion in the face-swiping payment market.

Face-Swiping Payment Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Face-Swiping Payment Market valued?
• Which region has the largest share in 2024 for the global Face-Swiping Payment Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Face-Swiping Payment Market:

• Historic year: 2018- 2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Face-Swiping Payment Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: