The market for biometric payment cards is set to take off, with benefits for consumers and businesses. Some of the main payment card companies are trialling commercial pilots for cards with biometric security capabilities – in other words, payment cards that require a fingerprint rather than a password/code/PIN. A white paper by Precise looks at what to expect from this market in the next few years.
Some of the main points in the white paper include:
- the market for biometric payment cards is set to grow 400 per cent annually until 2022;
- in 2018, MasterCard and Visa launched commercial pilots and are setting standards for contactless biometric payment cards;
- 70 per cent of consumers think that biometrics are easier than passwords, while only 46 per cent believe biometrics are more secure than passwords;
- 160 million biometric payment cards will be in use by 2022, according to ABI Research;
The paper argues that biometric payment cards can also help to prevent fraud and provide a high level of security. It adds that they will also allow companies to lift or raise purchase caps on contactless payments and that retailers “can benefit from higher in-store throughput without making additional investments”.
Biometric payment cards would incorporate a fingerprint sensor as shown below:
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