Juniper Research estimates biometric transactions will hit 46B by 2028

Tuesday, 30 January 2024 17:55

Biometric POS terminals will handle 46 billion transactions globally by 2028, more than doubling the transactions recorded last year from 19.5 billion, marking a growth of 138%, according to an analysis by market research firm Juniper Research.

Alongside its growth, Juniper Research said in-store biometrics provide better consumer experience, allowing retailers to create a different in-store offering.

This is crucial because the retail sector is under pressure and faces strong competition from e-commerce.

The retail sector is also in a tough position due to reduced consumer spending as people grapple with the cost-of-living crisis in markets.

“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,” underscores research co-author Melissa Amouny.

While biometrics have high initial costs, it delivers return on investment in the longer term by automating checkout processes.

Juniper Research advises retailers to pursue biometric in-store payments to ensure they are not left behind by more aggressive competitors.

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Juniper Research estimates biometric transactions will hit 46B by 2028