RESTON, Va.–Biometric payments are poised for significant growth, but substantial consumer security concerns could put its future at risk, according to a new report.
The report, Vital Insights into Biometric Payments Adoption, from Transaction Network Services, shares the results of a survey conducted in the U.S., United Kingdom and Australia that explores consumer attitudes toward and experiences with making biometric payments.
Among the findings: 15% of adults have made a biometric payment in the last year, including a quarter of 18-to-24 year-olds.
Among the other findings:
- 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 two-five 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 U.K. adults
- In the U.S. and the U.K., more men reported security concerns, but in Australia women were most concerned
Measures Need to Be Taken
“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,” said Mark Collins, managing director of TNS’ FinTech Solutions business in the EMEA region. “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,” continued Collins. “Reassurance will be the key to ensuring that biometric payments achieve the successful future that our survey data suggests.”
The report is available to download by clicking here.