Shipments of biometric payment cards with embedded fingerprint sensors will grow by almost 850% and reach a total of 173m worldwide by 2026, according to a forecast by Juniper Research.
The researchers identify the growth in biometric cards as well as metal payment cards and the introduction of dynamic card verification value (CVV) cards as “majorly disruptive trends” that will drive an overall 20% rise in global shipment revenues for card technology providers from US$9.7bn in 2022 to US$11.7bn in 2026.
Metal cards that “offer a superior look and feel compared to their plastic counterparts” and are “highly appealing as a differentiator” will account for more than US$4.4bn in hardware revenue compared with US$1.2bn in 2022, the forecast predicts.
“These new card types all have the same aim — to make cards fit for the new, digital-first payments ecosystem,” the researchers say.
“These new card types will help evolve the payment experience for the digital age, increasing security and useability; making card usage more appealing in the face of increasing mobile-first payment innovators.
“Biometric cards will enable card payments to better compete with mobile payments, including Apple Pay and Google Pay, eventually allowing payment cards to have no transaction limits.
“This development will be critical in removing the barriers to growth for contactless payments.”
Global shipments of biometric payment cards to grow by 850% and reach 173m in 2026 was written by Tom Phillips and published by NFCW.