As a result of this partnership, the two companies will launch an advanced biometric payment card solution based on Fingerprints’ biometric technology, which is already embedded in more than 30 pilots and commercial launches worldwide according to the company press release. To facilitate the launch, the two companies will leverage Tag Systems’ payment card solutions and services based on ST Microelectronics STPay-Topaz-Bio, as well as Fingerprints' second-generation pre-certified T-Shape (T2) sensor module and software platform.
Officials from Fingerprints have stated in the company press release that their aim is to address the security concerns of consumers while maintaining and even improving the contactless payment experience. By partnering with Tag Systems, they aim to make biometric cards the top-of-wallet choice for consumers.
With these new cards, users will be able to approve transactions by fingerprint authentication, which will result in safe and convenient payments for everyday purchases.
According to Fingerprints, biometric payment cards integrate certified biometric sensors and algorithms in order to enable cardholders to authenticate with their fingerprint. As the contactless card is tapped on the terminal, its biometric sensor scans the user’s fingerprint and is able to capture the data, match it, and approve a transaction in less than a second. With biometric cards, users no longer need to worry about card skimming, lost or stolen cards, or remembering their PIN numbers.
As far as adoption is concerned, Fingerprints states that they have supported commercial launches in Europe, Mexico, the Middle East, Africa and India. As more card issuers and manufacturers get on board with these biometric authentication solutions, the adoption of contactless biometric payment cards is gaining momentum.
According to grandviewresearch.com, the global biometric payment cards market size was valued at USD 75.3 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 62.3% from 2022 to 2030. The growth can be attributed to technological improvements and the global acceptance of the contactless payment method. When compared to Near Field Communication (NFC) cards, biometric cards are becoming more popular due to their higher transaction limit on contactless payment transactions.
One thing that might restrict the market growth of these cards during the forecast period is the high cost associated with them. However, charges for biometric payment cards are expected to fall as market players collaborate to reduce costs.
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