Biometric cards will drive $5bn in revenue by 2026
(18 February 2021 – Global) Swiss bank UBS says fingerprint payment cards will capture a 15 percent share of the card market and generate $5 billion in bank revenue in the next five years.
In January, French bank BNP Paribas began offering its Visa Premier cardholders the chance to upgrade to a contactless fingerprint option - for a €24 annual fee. Multiple other banks, from SocGen to NatWest, are also trialling the technology.
“In the past few years more than 23 pilots were reported with three commercial launches ongoing," says UBS. "In conclusion, despite the rise of mobile payment threat to the total cards volume, we believe biometric cards can fuel some growth within the payment cards market."