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Juniper sees major growth for the biometric POS terminal market

Juniper sees major growth for the biometric POS terminal market
 

Biometric POS terminals will handle 46 billion retail transactions globally by 2028, more than doubling transactions registered last year, according to a new market analysis. Last year’s total was 19.5 transactions.

Juniper Research says, in fact, that biometric terminals “are reviving retail.” Even if the market for the devices had not been soft for the last few years, the increases predicted by the analyst firm are notable.

The biometric in-store payments market itself will grow 114 percent from 2024 to 2028, according to Juniper. Counted in that market are finger, facial, iris and palm-vein scanning.

And total transaction value, which will top out at $429 billion this year, will hit $1.2 trillion in 2028. The largest proportion of those will be in the Far East and China, followed by the Indian subcontinent.

Biometric POS terminals are helping retailers to customize the buyer’s experience to such a degree, according to the report, that it is a tool for differentiating stores from ecommerce. And it doesn’t hurt that the terminals can soften the one retail experience people hate most – paying. Eventually, Juniper says, it is likely that 90 percent of retailers will adopt biometrics.

Maybe device makers can use a biometric terminal experience to goose purchases by their retail-store buyers, because the systems are expensive.

Juniper says the high initial costs of biometric systems will be ameliorated through return on investment. However, the firm did not say when the systems will have paid for themselves, perhaps indicating that it will be an off-putting span.

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