December 5th, 2018 - Payments, POS
Biometric payments are poised for significant growth, but substantial consumer security concerns could put its future at risk according to a report from TNS. Bill Versen, TNS’ Chief Product Officer, shares some key insights.
Vital Insights into Biometric Payments Adoption shares the results of an independent US, UK and Australian survey* commissioned by TNS which explores consumer attitudes toward and experiences with making biometric payments. 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.
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.
TNS’ report, which is free to download, also highlights:
*KANTAR TNS commissioned an online survey of US, Australian and UK adults in March 2018 on behalf of Transaction Network Services. The survey interviewed 1,027 US adults, 1,032 Australian adults and 1,024 UK adults