More than half of UK consumers (54%) would use a biometric payment card if their bank made one available today, a new survey has found, and 82% say it would become their preferred payment card.

Eight out of 10 consumers believe that a biometric payment card, with a built-in fingerprint sensor, will offer increased convenience and security, the survey conducted by GfK for Gemalto found.

86% perceive the technology to be more secure and 82% believe it will provide greater convenience.

Advantages cited include no need to remember different PINs, a more secure experience (“no more risk of someone stealing my PIN code when I pay”) and more opportunities to make contactless payments thanks to the higher spending limits that biometric cards are expected to provide.

Consumers who expressed concerns about using biometric technology cited feeling afraid that their fingerprint won’t work all the time (41%) and concerns about the biometric security being compromised (37%).

“These concerns should be alleviated as consumers learn more about the technology,” Gemalto says. “For example, patek phillipe replica biometric cards will be able to fall back to a PIN code authorisation if for any reason the fingerprint reader malfunctions. The fingerprint data is also securely stored in the card’s chip. It never leaves the card. It’s not kept on the bank’s servers nor sent to a personalization bureau.”

More than 579m biometric cards will be in use around the world by 2023, analysts Goode Intelligence predict. Demand is expected to be driven by the technology’s ability to enable higher value contactless transactions at the point-of-sale.

– nfcworld.com –

Juniper Research predicted in a new report that the biggest shift coming in the mobile payment security industry is a movement toward software-based methods for verification that rely on standard smartphone components.

In a press release, the market research firm forecasted that users of these methods will jump from an estimated 429 million this year to 1.5 billion by 2023. Juniper said it will usher in an era in which mobile payment authentication uses biometrics based on individuals’ device usage patterns.

“Mobile payment security will broaden hugely thanks to the implementation of pure software solutions,” remarked report author James Moar. “The key battle now will be to convince users, particularly those in Europe and North America, that these methods are just as secure as traditional hardware-based security.”

According to Juniper, with the iPhone X and other smartphones offering facial and eye-based identification, fingerprint sensors will decline as a proportion of smartphone biometric hardware, from just over 95 percent in 2018 to below 90 percent by 2023. Also due to the increase in software-based biometrics, fingerprint sensor use will become much more contextual rather than the default biometric option, Juniper said in the press release.

Juniper’s prediction seems to ring true considering Samsung Electronics. Despite launching facial recognition before Apple later took the spotlight with its Face ID, Samsung is still working to beef up its capabilities in this area. It is reportedly working with Israeli startup Mantis Vision and camera module firm Namuga to integrate 3D sensing software into the camera of its next-generation Galaxy S smartphone.

And that’s not the only biometric identifier with which Samsung is playing. The company also applied for a patent for a device authentication method that detects users’ blood pressure. According to the patent, “the arterial conduction paths of different users are almost never identical.” Samsung is reportedly looking into replacing static and hackable PINs and passwords with a one-two authentication combo by pairing users’ blood pressure with their unique fingerprints.

– Source: pymnts.com –

Sixty-one percent of consumers feel that providing companies with their fingerprint and iris information put their personal identity information at risk, according to “Vital Insights into Biometric Payments Adoption,” a report from Transaction Network Services.

In the last year, 15% of adults have made a biometric payment, including a quarter of 18 to 24 year olds. However, many consumers remain wary, especially male consumers in the United States and the U.K. In Australia, women reported security concerns.

However, adults in the US increased biometric payments usage slightly since TNS’ last survey two years ago. Usage in the last year has been greatest among U.K. adults.

Looking ahead, 68% of consumers believe biometric payments will become more commonplace in the next 2-5 years. Fingerprints were chosen as the most popular identifier overall, the study revealed.

– planetbiometrics.com –

From next April, online shoppers across Europe will be able to use biometrics, such as fingerprints or facial recognition, to identify themselves at the checkout when they pay with Mastercard. With smartphones now near ubiquitous, the vast majority of consumers and banks are eager to ditch passwords in favour of biometric authentication.

Research from Mastercard and Oxford University last year found that 93% of consumers prefer using their fingerprints or faces over passwords for validating payments, while 92% of bankers also want to adopt biometrics.

Mastercard Identity Check, which lets people use biometric identifiers, such as fingerprint, iris and facial recognition to verify their identity using a mobile device during online shopping and banking activities, is already available in 37 countries.

But with new EU regulatory requirements on authentication coming into force through PSD2, the card firm says that banks across the continent must offer the biometric option by April 2019.

Javier Perez, president, Mastercard Europe, says: “Biometric technologies perfectly match consumers’ expectations of getting the secure payment solutions of tomorrow, in line with the increased digitalisation of lifestyles. This can significantly benefit consumers, retailers and banks by improving the purchase experience and better securing the transaction.”

– Finextra –