India fingerprint payment market is expected to grow at a steady rate during the forecast period. This can be majorly attributed to the desire for frictionless authentication while paying in all channels. Moreover, government support and initiatives for the adoption of fingerprint sensors are anticipated to boost the growth of the fingerprint payment market in India. In addition, in this rapidly evolving technological landscape, there is no longer a place for the PIN when making payments through cards.
Important Aspects of the Indian Fingerprint Payment Market
Advancements in fingerprint biometric technology allow the user to authenticate a payment with a simple touch of the finger using a biometric-enabled payment card, which is further expected to spur the growth of India fingerprint payment market in the forthcoming years. The need for convenient and secure payment methods is increasing the demand for fingerprint biometrics in the market. Fingerprints are almost as unique as DNA; they remain the same from infancy to old age and are relatively easy to capture and compare using widely available technology.
Fingerprints are extremely difficult to steal, forge, or imitate, which makes fingerprint payment technology an ideal choice for authentication. In order to make biometric fingerprint technology available and affordable to the mass market then both the card issuers and producers of the fingerprint sensor must work together to reach a price point.
Based on application, the fingerprint payment market is categorized into banking, retail, account managing, government, and others. Among them, the banking sector is anticipated to witness high growth in the upcoming years. This growth can be attributed to the application of fingerprint payment technology by banks to develop next-generation identification controls that combat fraud, further making transactions more secure, and thereby enhancing the customer experience.
Some of the market players in the India fingerprint payment market
- NXP Semiconductors
- NEXT Biometrics, Fingpay
- IDEX Biometrics, and TROIKA Transsolutions Pvt. Ltd, BIO-key, HYF Group, Axton Group, Suprema biometrics & security, and Integrated Biometrics. The key players in the market are focusing on collaborations in order to expand their market share. However, recent innovations have provided new levels of security, therefore creating a variety of new market opportunities.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020–2024
The objective of the Study:
- To analyze and forecast the market size of India’s fingerprint payment market
- To forecast India fingerprint payment market based on application and regional distribution.
- To identify drivers and challenges for India fingerprint payment market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India fingerprint payment market.
- To identify and analyze the profile of leading players operating in the India fingerprint payment market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of fingerprint payment service providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product types, application types, and presence of all major fingerprint payment service providers across the country.
TechSci Research calculated India fingerprint payment market size by using a bottom-up approach, where data for various end-user industries and their application across various product types were recorded and forecasted for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated by analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as the company website, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by TechSci Research.
Key Target Audience:
- Fingerprint payment service providers
- Government bodies such as regulating authorities and policymakers
- Industry associations
- Organizations, forums, and alliances related to the fingerprint payment market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as product service providers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, India fingerprint payment market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Market, By Application:
- Banking
- Retail
- Account Managing
- Government
- Others
- Market, By Region:
- North Region
- West Region
- East Region
- South Region
