Amid the coronavirus pandemic, consumers are showing a large interest in biometric payment cards
According to a Swedish consumer study, 70% of respondents state that they would be interested in a biometric payment card that would not require touching the POS. The respondents showed more concern in secure and hygienic payment methods.
The data found that smartphones account for the primary payment among 24% of respondents. However, contactless-enabled bank cards are widely used in 72% of in-store retail payments. Meanwhile, 80% are concerned that the use of cards increases the risk of infection. This is because payment cards involve typing in the PIN code as well as touching the payment terminal.
In fact, 70% of respondents are interested in a payment card that reduces the need of touching payment terminals and inputting PIN codes.
As awareness of the use of biometric payment cards increases in Sweden, 27% stated they had heard about the biometric cards while 73% had not come across the innovation.
As the awareness grows, 75% would like their cards to be biometric-enabled, the study reports.
Along with that, 59% were also willing to pay an extra monthly fee to access biometric payment cards while 41% would expect the cost to be covered among annual bank fees.
In addition, 47% were willing to pay SEK 10-50 monthly fee for a biometric card with no added benefits. Meanwhile, 12% were willing to pay SEK 51-99 for a biometric card with other benefits.
48% also stated that they would switch banks to another bank offering a biometric payment card.
We’ve reported that global biometric device revenues are expected to drop 22% to $6.6 billion. The entire biometrics market, however, will regain momentum in 2021 and is forecasted to reach nearly $40 billion in total revenues by 2025.