Biometric in-store payments to boost retail market, with 46 billion biometric-enabled transactions forecast globally by 2028

A new study by Juniper Research forecasts a substantial growth of 138% in the number of transactions carried out via biometric-enabled POS terminals, up from 19.5 billion in 2023.

Biometric in-store payments enable consumers to pay in-store through different biometrics, including palm vein, facial & iris recognition, and fingerprints.

The research found that in-store biometrics can enable a better consumer experience; allowing retailers to create a highly differentiated in-store offering. This differentiation is key for the under pressure in store retail sector, which faces stronger than ever competition from eCommerce, alongside reduced consumer spending, due to the cost-of-living crisis in many markets.

Biometrics Vital in Improving Consumer Experience

The report emphasises the importance of biometrics when it comes to improving consumer experience in bricks-and-mortar retail. As retailers compete more fiercely for customers, providing a strong in-store experience is vital for success.

Research co-author Melissa Amouny commented: “The physical nature of bricks-and-mortar stores is one of its only remaining competitive edges, therefore stores must implement convenient payment methods like biometrics to maximise this. These changes will make retail stores more distinctive destinations for shoppers, boosting their resilience.”

Companies Must Invest to Remain Competitive

The research found that while biometric payment systems have high initial costs, they can deliver a return on investment in the longer term by further automating checkout processes.

While retailers are reluctant to invest at a time of strict budgetary controls, they must prioritise investments in biometric in-store payments now to ensure they do not get left behind by more agile competitors.

___________

Find out more about the new report: Biometric In-store Payments Market 2024-2028, or download a free sample.