Global Biometric Payment Users to Reach 3.5B by 2030, Market to Hit $11.3B

A comprehensive new market analysis from Goode Intelligence predicts that over 3.5 billion people worldwide will use biometric technology to secure payments by 2030, with the biometric supplier market expected to generate revenue exceeding $11.3 billion in the same timeframe. The projection builds on Goode Intelligence’s earlier forecast that saw the remote identity verification market reaching $17.2 billion by 2026, indicating accelerated adoption of biometric authentication technologies.

The research identifies several key trends shaping the biometric payments landscape. The industry is witnessing a shift from device-based to server-based biometric technology for higher-value mobile transactions, along with increased adoption of facial biometrics and liveness detection to combat AI-driven fraud attempts. This transition comes as financial institutions seek more robust security measures against sophisticated digital payment fraud.

“The pay by me revolution is well underway,” asserts Alan Goode, founder and CEO of Goode Intelligence. “Customers want choice for payments. They also want the assurance that payments are secure and safe. The payment experience must be convenient with as little friction as possible.”

The analysis reveals emerging applications in physical point-of-sale systems using integrated biometric sensors, and the evolution of biometric payment cards as premium products addressing accessibility needs. These cards, which integrate fingerprint sensors directly into traditional payment card form factors, are gaining particular traction in markets like India where they’re being deployed to enhance financial inclusion.

Current data indicates that 70 percent of online shopping carts are abandoned, with 31 percent of these abandonments attributed to friction in identity and authentication processes. This challenge is driving innovation in digital age assurance solutions, particularly in response to regulations like the UK’s Online Safety Act, which mandates stronger age verification measures for online services.

The research identifies expanding use cases for biometric digital IDs beyond payments, including border control, ticketing, and loyalty programs. The automotive sector is emerging as a new frontier, with applications in in-cabin payments and support for ride-sharing and autonomous systems. This expansion aligns with Goode Intelligence’s previous findings on the growing role of digital identity in the travel sector.

“Biometrics for payments is increasingly a vital part of a payment service providers’ toolkit in the never-ending task of reducing financial fraud and ensuring that their customers can conveniently prove their identity and authorise transactions,” Goode adds.

The comprehensive analysis covers multiple biometric modalities including behavioral biometrics, face, fingerprint, finger-vein, palm-vein, palmprint, and voice technologies, providing regional and global market forecasts through 2030. Each modality offers unique security and convenience benefits, with behavioral biometrics in particular gaining traction for its ability to provide continuous authentication without user intervention.

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January 7, 2025 – by Cass Kennedy