Biometric payments are poised for significant growth, but substantial consumer security concerns could put its future at risk according to a new report from Transaction Network Services (TNS).
18 to 24 year olds willing to make a biometric payment in the future using the different biometric identifiers given
The report reveals that 15% of adults have made a biometric payment in the last year, including a quarter of 18 to 24 year olds.
Mark Collins, Managing Director of TNS’ FinTech Solutions business in the EMEA region, said: “We are delighted to see that biometric payments are being tested by consumers, however, a staggering 61% felt that providing companies with their fingerprint and iris information put their personal identity information at risk. The industry needs to take measures to both ensure the security of this sensitive information and to convey to consumers what protections are in place.
“It’s exciting to hear that more than half are willing to use the widening range of biometric identifiers available, which now includes iris and vein scanning, as well as facial recognition and fingerprints. Reassurance will be the key to ensuring that biometric payments achieve the successful future that our survey data suggests.”
Number of adults that feel biometric payments will help to increase financial security by reducing fraud
- Fingerprints were chosen as the most popular identifier overall; however, the second choice varied by region
- 68% believe biometric payments will become more commonplace in the next 2-5 years
- Trust in biometric payments among US adults has increased slightly since TNS’ last survey two years ago
- Usage in the last year has been greatest among UK adults
- In the US and UK more men reported security concerns, but in Australia women were most concerned.