India's Fingerprint Payment Market Forecasted for Robust Growth by 2028, Driven by Advancements in Biometric Technology and Financial Inclusion Initiatives

DUBLIN, Jan. 11, 2024 /PRNewswire/ -- The "India Fingerprint Payment Market Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.

The sector is set to flourish from 2024 to 2028.

This surge is attributed to an increasing need for secure transaction methods amid rising concerns over data theft and the enhancement of national security measures. The profound impact of biometric authentication systems, especially in enhancing the security of payment processes, is propelling market growth. Biometric systems are not only being adopted across various industries but are also becoming an integral part of consumer electronics due to their integration with mobile devices.

Fingerprint payment technology is witnessing a groundbreaking revolution with the incorporation of biometric sensors. Providing not only a secure authentication mechanism but also opportunities for financial institutions to leverage brand stickiness and personalization, this technology is integral in widening market access through financial inclusion initiatives.

The Indian banking sector's leap towards technological integration has immensely benefited consumers by simplifying transactions and enhancing security with biometric features, such as fingerprint authentication. The growing confidence in the security of banking services has increased customer willingness to engage in online and mobile banking services.

Advancement in Biometric Fingerprint Authorization Creates New Opportunities

Biometric payment systems employ state-of-the-art biometric authentication to conduct seamless transactions. Fingerprint identification, being both accessible and cost-effective, is favored in the biometric payment landscape. Technological enhancements now allow a single biometric payment terminal to facilitate various authentication methods, including but not limited to fingerprints, iris, and palm recognition. The rise of the Internet of Things (IoT) bolsters this growth by providing encrypted and secure data storage and faster analytics. Furthermore, advancements in Raspberry Pi and cloud technologies are making biometrics more secure and economical for widespread adoption.

Challenges in Adoption and Cost

Despite the promising outlook, certain factors stand as challenges to the adoption of fingerprint payment systems. High initial costs for advanced biometric systems and a lack of awareness in developing regions may restrain market growth. Additionally, the widespread adoption of cashless technology in retail poses a competitive challenge to the biometric payment market.

Competitive Landscape

The research provides a nuanced examination of the major players shaping the India Fingerprint Payment market. These include innovators in fingerprint identification technology. Their strategies and forefront positions in the industry are key to understanding the market's trajectory and potentials.

A selection of companies mentioned in this report includes

• Synaptics Incorporated
• Apple India Private Limited
• Thales India Pvt Ltd.
• NEC Corporation India Pvt. Ltd.,
• Precision Biometric India Pvt Ltd
• IDEMIA Identity & Security India Private Limited
• Anviz Global Inc
• India Acquisition Holding Inc (Fingerprint Cards AB)
• IDEX Biometrics ASA
• Infineon Technologies India Pvt Ltd

Report Scope:

India Fingerprint Payment Market, By Component:

• Solution
• Service
• Hardware

India Fingerprint Payment Market, By Type of Fingerprint Scanners:

• Optical Fingerprint Scanner
• Capacitive Fingerprint Scanner
• Ultrasonic Fingerprint Scanner
• Thermal Fingerprint Scanner

India Fingerprint Payment Market, By End User:

• Retail
• Government
• Transportation
• Healthcare
• Hospitality
• Others

India Fingerprint Payment Market, By Region:

• West India
• North India
• South India
• East India

For more information about this report visit https://www.researchandmarkets.com/r/vodyol

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SOURCE Research and Markets