Consumer security fears overshadow future of biometric payments
Consumer security concerns could jeopordize the future of biometric payments, which are otherwise poised for growth, according to a new report from secure network provider Transaction Network Services.
Vital Insights into Biometric Payments Adoption, an independent report commissioned by TNS Inc., reveals that 15 percent of adults have made a biometric payment in the last year, including one-fourth of adults age18–24.
"We are delighted to see that biometric payments are being tested by consumers, however, a staggering 61 percent felt that providing companies with their fingerprint and iris information put their personal identity information at risk," Mark Collins, managing director of the TNS fintech solutions business EMEA, said in a press release. "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."
Other highlights from the report:
- Fingerprints were chosen as the most popular identifier overall; the second choice varied by region.
- 68 percent believe biometric payments will become more commonplace within two to five years.
- Trust in biometric payments among U.S. adults has increased slightly in the two years since the survey was last conducted.
- Use of biometric payments during the past year has been greatest among U.K. adults.
Request a free copy of the report by email.
The TNS online study was conducted March 8–12 and polled representative samples of 1027 adults in the U.S., 1,032 in Australia, and 1,024 in the U.K.