Today over 20 biometric payment card pilots are active globally
Research estimated the number of biometric payment cards in 2021. Source: shutterstock.com
According to ABI Research, up to 2.5 million biometric payment cards will be issued in 2021 since the market reaps the benefits of significant ecosystem efforts.
The biometric payment card is considered as the next-generation evolutionary card form-factor. it is expected to help enhance contactless authentication, providing a future contactless payments experience without limits.
The research explains that despite the many 2020 market positives, the biometric payment card hasn’t proven immune from the COVID-19 pandemic. Many planned pilot projects were deferred by 6 – 9 months. As issuers shifted spending priorities, they became more conservative with innovation spending and pivoted toward emergency management to combat the pandemic, subsequently shifting budgets and priorities.
Despite COVID has impacted the biometric payment cards market, it has also stimulated a significant push toward digital payments. As a direct result of COVID, contactless transaction limits have increased in over 100 countries globally, in a bid to reduce physical interactions at the point of sale and/or physical interaction with communal devices.
We’ve reported that Mastercard collaborated with PayCentral, a fintech in digital payments, to launch the DigiCentral online platform. It provides small business owners with a fast, and cost-effective method to pay rewards, gifts, corporate expenses, and salary to employees with help of a prepaid virtual card.
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