The development of artificial intelligence gradually alters our lives and makes life more convenient due to the Internet and huge amounts of data. One of the best examples is contactless payments. Yes, in the past decade or so, we all have noticed a tremendous rise in contactless payments, with customers tapping their cards onto a payment processor or approaching their phone over one utilizing any number of digital wallets like Apple Pay, Google Pay, Paytm, etc.
However, like everything else in the market, as soon as one technological development is created, another one comes quickly after it. The most recent advancement in payment services is facial recognition payment. Well, the goal of this article is to understand what is face swiping payment technology, its importance, and how the face swiping payment market is booming worldwide.
What is Face Swiping Payment?
Face swiping payment, sometimes referred to as facial recognition payment, is a practical payment mechanism that conducts transactions utilizing biometric facial recognition technology. In order to increase the precision and security of facial recognition payments, it also contains features like facial motion recognition, blink detection, and bright pupil effect detection.
Significance of Face Swiping Payment
Face-swiping payment technology is an appealing alternative for customers and businesses alike since it allows transactions to be performed swiftly and securely. Therefore, the face swiping payment market is growing significantly. It is predicted to do so in the future as more people start using this technology in their everyday lives.
Moreover, to improve the convenience and effectiveness of the payment process for travelers, this technology is being used in a variety of transportation systems, including train stations, airports, and bus terminals. Travelers may swiftly and securely make purchases without using cash or physical payment cards due to face-swiping payment technology.
In fact, the global face swiping payment market was valued at USD 5.04 billion in 2022 and is expected to grow to USD 29.74 billion at a CAGR of 19.4% during the forecast period of 2032.
The Benefits of Face Swiping Payment
When facial recognition technology is incorporated into payment systems, there are many benefits for both customers and businesses. Let’s have a look at a few of them below:
What is Propelling the Market Growth?
Comparing face-swiping payment systems to other digital payment methods that require PINs and passcodes, facial recognition technology offers a high level of security. Face recognition technology relies on a distinctive physical attribute that is difficult to copy or steal, unlike PINs and passcodes, which may be easily forgotten or cracked.
Moreover, the sophisticated features employed in face-swiping payment systems, such as facial blink detection, 3D depth, and facial motion recognition, improve the accuracy and security of the technology, making it a secure way to conduct transactions. Due to the widespread adoption of this technology for everyday transactions by customers and businesses, the face swiping payment market demand is expanding.
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Contactless payment is gradually making a name for itself, whether it is due to user comfort or transaction speed. The use of contactless capable cards and phones is becoming more popular among millennials. Businesses are embracing this new technology to invest in the future of business as well as to empower their customers.
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