Finance & Economics

UK consumers excited by the new biometric payment cards

Data protection and reliability will be crucial factors for mass adoption

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UK consumers excited by the new biometric payment cards. Source: shutterstock.com

More than half of UK consumers (54%) would be ready to use biometric payment cards if they were available at their bank today, according to new research revealed by Gemalto and conducted by GfK.

For 82% of them, it would even become their preferred payment card – generating a clear ‘top of the wallet’ effect. These innovative cards with integrated fingerprint readers let users authorize payments with a simple touch of their finger on the sensor, as an alternative to the PIN code.

If British consumers are to replace their current payment cards, they need them to be more secure than what they currently have (88%), to be offered by a trusted bank (79%), to be easy to use (69%) and to be one that simplifies their life (60 percent).

For a large majority, biometric cards clearly tick all the boxes. Eight out of 10 consumers believe that this new card will be better in terms of convenience and security. Key advantages include: no need to remember different PIN codes, a more secure experience (“no more risk of someone stealing my PIN code when I pay”) and more opportunities to pay contactless thanks to higher spending limits. Additionally, the card doesn’t rely on a battery and only uses power from the payment terminal to work; this means there is no limit on the number of transactions.

Some consumers also expressed concerns about using biometric technology. 41 percent feel afraid that their fingerprint won’t work all the time and more than a third (37%) about it being compromised. However, biometric cards will be able to fall back to a PIN code authorization 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, so to avoid the risk of it being stolen or compromised.

SEE ALSO: Schemes & types of banking card fraud to watch out for

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