Although 15% of consumers have made a biometric payment in the past year, research from Transaction Network Services (TNS) shows biometric payments are not ready to break through into common use according to a survey of more than 3,000 in the US, UK, and Australia.
Are biometric payments popular today?
In the UK, 18% of those surveyed had made a biometric payment in the past year followed by the US and Australia with 16% each.
25% of 18 to 24-year-olds have made a biometric payment in the past year followed by 22% of 25 to 34-year-olds, 19% of 35 to 44-year-olds, 8% of 45 to 54-year-olds and 3% of those over 55 to 64-year-olds.
Males are biometric payments early adopters
When it comes to gender, males are not surprisingly earlier adopters of biometric payments with 18% male vs 10% female in Australia, 23%/13% in the UK and 17%/12% in the US.
What’s ahead for biometric payments?
Overall, 68% of those surveyed believe biometric payments will become commonplace in 2 to 5 years compared with 67% in 2016.
The results were consistent across all age groups when it comes to belief in the future of biometric payments.
Preferred method of biometric payments
56% of consumers would be willing to use fingerprints for payments followed by Iris scans (51%), facial recognition (50%) and veins in hand (42%).
In the US facial recognition was the most popular method of biometric payments compared with Iris scans which were most popular in the UK and Australia.
Is security a concern?
In Australia, 63% were concerned about security, followed by 61% in the US and 58% in the UK.
Most age groups saw a slight reduction in concerns over security between the 2016 survey and 2018. Of concern to the industry, was a 3% increase to 66% in security concerns by 18 to 24-year-olds. There is work to do to educate consumers about security issues with biometric payments.
Globally, 62% of men and 59% of women were concerned with security although in Australia 62% of men vs 65% of women were concerned with biometric payments security.
63% of British and Australians surveyed felt biometric payments would increase the security of their payments compared to 57% of Americans.
Biometric payments takeaways
The industry has a job to do in convincing younger potential users and those in the US that biometric payments are safe and secure. The cost of technology and infrastructure remains a barrier at this early stage as well but biometric payments are coming in the future.
You can read the detailed TNS research results here.