A fintech markets report has today published insights into the significant growth of in-store transactions via biometric-enabled POS terminals. The findings give assurance that customers still value and trust in-store shopping experiences as identity verification tech fits with both physical and online environments. The growth accounts for 138 per cent, increasing from 19.5 billion per cent in 2023.
Juniper Research is an analyst company producing seasoned reports into fintech markets. With more self-serving kiosks using identity verification, retailers can ensure they comply with the newest legislation on verifying the age of customers.
Biometric in-store payments enable consumers to pay in-store through different biometrics, including palm vein, facial and iris recognition, and fingerprints. Biometrics are elevating in-store experiences for customers that do want to continue making face-to-face purchases. Enhanced systems and a refined customer experience are key to reviving the high street and maintaining competition between in-store and digital commerce.
Moreover, the average customer’s shopping habits have also changed amid the Cost-of-Living crisis affecting many markets. Customers are being more cautious with essential and non-essential purchases and reigning in their spending habits.
Biometric-enabled transactions are forecast to rise globally by 2028 to 46 billion.
Melissa Amouny, Co-Author of the report, 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 are warned to stay vigilant of the market trend rising while they could be left behind. Although biometric payment systems have initial high costs to install, investment pays off in the long-term as more regulation is introduced to the retail and hospitality sectors.
