Face-swiping Payment Market Size, Growth, Report 2023-2032
The global face-swiping payment market was valued at USD 4.66 billion in 2022 and it is predicted to surpass around USD 28.69 billion by 2032 with a CAGR of 19.93% from 2023 to 2032. The face-swiping payment market in the United States was accounted for USD 652.2 million in 2022.
Key Pointers
Report Scope of the Face-swiping Payment Market
| Report Coverage | Details |
| Revenue Share of Asia Pacific in 2022 | 46.01% |
| Revenue Forecast by 2032 | USD 28.69 billion |
| Growth rate from 2023 to 2032 | CAGR of 19.93% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | 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. |
The rise in digitalization led by the COVID-19 pandemic and the increasing penetration of the internet across the globe is anticipated to drive market growth. Furthermore, the growing adoption of face-swiping payments and increasing investments in the technology by various market players such as Mastercard, Alipay, and PopID, Inc. are anticipated to fuel market’s growth over the forecast period.
The increasing investments by venture capital firms and other fintech companies in a tech start-up’s to help them expand their product portfolios and strengthen their market position is anticipated to fuel market’s growth. For instance, in June 2022, PayByFace B.V., a biometric payment POS platform provider, announced that it received a strategic investment from a Fintech firm named SafexPay. The investment was aimed towards accelerating the growth of PayByFace B.V. face biometric payment solution to a global level.
Face swiping technology enables consumers to make purchases simply by portraying in front of camera-equipped point-of-sale (POS) machines, which results in quicker and more secure face payments. Furthermore, the mobile wallet providers such as Alipay and others have extended support for the face swipe feature to enable users to make faster payments. Thus, such ongoing trends are expected to further drive the market growth over the forecast period.
The global pandemic has been favorable to market growth. The growing demand for biometrics for verification, or unlocking mobile phones has made consumers familiar with the use of biometrics which is anticipated to create new growth opportunities for the face-swiping payment industry. For instance, according to the 2021 survey by IDEMA, 84% of the respondents use the biometric authentication method, out of which around 43% of the respondent have used facial biometrics for unlocking smartphones.
Type Insights
The payment equipment segment accounted for the largest revenue share of more than 58.05% in 2022. The factors such as the growing popularity of cashier-less ordering kiosks in several fast food restaurants such as Wendy's and McDonald's are driving the growth. Furthermore, the restaurants such as CaliBurger, a burger chain, have installed self-ordering kiosks with facial recognition technology and artificial intelligence to enable customers to order food, make payments, and log into the loyalty program of the chain. It also stores and uses previous order data to customize orders for customers.
The payment system segment is anticipated to witness the fastest growth in the forecast period. The growing deployment of payment systems acquired with biometric sensors for face recognition within POS allowing customers to make payments through face-swiping is propelling the growth of the segment. Furthermore, these systems can be built with smart contracts on a custom blockchain deployment, making payments efficient and secure. Hence, the rising popularity of blockchain technology is anticipated to fuel the growth of acceptance of payment systems.
Application Insights
The retail segment dominated the market with a revenue share of over 32.04% in 2022. The majority of the market players across the globe are rolling out face-swiping payments as part of the efforts to streamline their operations and enhance customer experience. For instance, in February 2023, Network International, a financial services company, and Carrefour, a retail company, implemented PopID’s face verification platform. With this implementation Carrefour customers were allowed to utilize Face Pay at Deira and Amsaf stores. Thus, such product development and capability expansion initiatives by market players in the retail sector are expected to fuel the segment’s growth over the forecast period.
The travel segment is anticipated to witness steady growth over the forecast period. The rapid growth of face-swiping payment technology and the growing preference for touchless payments in traveling due to the pandemic is among the significant factors expected to drive the segment's growth. Furthermore, various initiatives taken by transport companies to encourage the use of face-recognition payment systems are further boosting segment growth. For instance, in October 2021, a fare payment system leveraging face recognition named Moscow Metro’s Face Pay system, was tested on five additional metro lines of the network. With this expansion Metro’s Face Pay system was tested on a total of nine lines. Hence, such initiatives are anticipated to drive the market’s growth.
Regional Insights
Asia Pacific dominated the market in 2022 and accounted for a share of over 46.01% of the global revenue. The growth of the market across the Asia Pacific region can be attributed to the support from government authorities for adopting face recognition technology. For instance, in January 2023, as per the article by Business Standard Private Ltd. magazine, the Indian government allowed banks to verify individual transactions using facial recognition technology in a bid to lower the frauds. Furthermore, the innovative efforts made by various cities to encourage the use of face-swiping payments are also expected to contribute to regional growth. For instance, in February 2022, Niigata, a city in Japan, and Glory Ltd., a manufacturer of a range of machines for handling money, piloted a project called hands-free shopping street. This project was aimed towards enabling customers to utilize facial recognition technology for e-payments that works even when the customer has a mask.
North America is expected to witness steady growth over the forecast period. The increasing launches of face-swiping payment platforms across the region are anticipated to fuel market’s growth. For instance, in May 2022, Mastercard, a financial services company, announced a new face recognition payment platform that allows customers to make payments using their faces or hand gestures. MasterCard's new payment system is known as 'smile to pay.' The cardless system is designed to decrease transaction time, shorten store queues, increase security, and improve hygiene.
Face-swiping Payment Market Segmentations:
By Type
By Application
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Face-swiping Payment Market
5.1. COVID-19 Landscape: Face-swiping Payment Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Face-swiping Payment Market, By Type
8.1. Face-swiping Payment Market, by Type, 2023-2032
8.1.1. Payment Equipment
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. POS Equipment
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Kiosk
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Payment System
8.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Face-swiping Payment Market, By Application
9.1. Face-swiping Payment Market, by Application, 2023-2032
9.1.1. Retail
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Restaurant
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Travel
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Others
9.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Face-swiping Payment Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
Chapter 11. Company Profiles
11.1. PopID, Inc.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. FacePay
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. PayByFace B.V.
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. VisionLabs
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Telepower Communication Co, Ltd. (Telpo)
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. PAX Global Technology Limited
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Alipay
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. NEC Corporation
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. SnapPay Inc.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Mastercard
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers