ABI Research Predicts 400% CAGR for Biometric Payment Cards Through 2022

Biometric payment cards with embedded fingerprint sensors will see a CAGR of 400 percent between 2017 and 2022, predicts ABI Research.ABI Research Predicts 400% CAGR for Biometric Payment Cards Through 2022

The market research firm puts Mastercard, which has been trialing the technology this year, at the head of the pack – which is good news for IDEX, which provided the fingerprint sensor technology for the biometric payment cards. But ABI Research’s report also singles out Fingerprint Cards, Gemalto, IDEMIA, NEXT Biometrics, and Zwipe as other key vendors.

As for regional growth, ABI Research’s report forecasts that Africa, the Middle East, and North America will see the bulk of 2018’s shipments, but that Europe and the APAC region will ultimately see “a larger penetration rate over the coming years.” All told, in 2022, the global market will see 160 million shipments of biometric payment cards.

The market forecast aligns with other recent predictions from ABI Research concerning the broader ‘powered payment cards’ market, which the firm has suggested is on the cusp of a boom. And with IDEMA and Japanese credit card company JCB having just announced their plans to launch biometric payment cards in Japan, it appears that the biometric payment card concept is about to become a reality for many consumers.