Survey finds U.S. consumers would pay for a credit card with built in biometric protection

May 29, 2016 - 

According to SmartMetric, a consumer survey of credit card users in the United States found that 80% of those questioned are concerned about credit card and identity fraud and that 67% of those users would be wiling to pay for a biometrics secured credit card that has a built-in fingerprint reader for protection.

“This consumer survey shows the continued anxiety and concern of consumers regarding the safety of their credit cards and the insecurity when it comes to card fraud and identity fraud. It also shows that this anxiety and concern would motivate credit card users to pay for a safer and more secure credit card that uses fingerprint biometrics built into the card,” said SmartMetric’s President & CEO, Chaya Hendrick. “What we have seen in this survey of credit card users is that consumers have a very high level of concern regarding the safety of their credit cards. It came as a surprise to us that it was a staggering 80% of credit card users that are concerned about the safety of their cards.

“We were pleasantly surprised to see that more than 67% of card holders would pay for a credit card with built in biometric protection. This confirms the good sense of us as a company spending over a decade in developing what is now the world’s first fully functional credit card that has inbuilt biometrics for protection that also can be used in retail store readers as well as ATM’s,” added Hendrick.

SmartMetric’s biometric payments card fits a fully functional fingerprint reader inside an EMV smart card. The card user rolls their finger across a thin sensor on the card’s surface which is used to read the person’s fingerprint and match it with their fingerprint already stored inside the card. Following a successful fingerprint match, which is processed inside the card, the card is activated allowing it to be inserted inside a credit card reader or ATM machine. Fingerprint authentication takes less than 0.25 seconds.

SmartMetric has also created a small USB card reader adaptor for online purchases on a laptop. Users insert the USB card reader into the USB port of the laptop and activate the card by swiping your finger and then inserting your card into the reader.

Just last month, SmartMetric demonstrated its biometric payment card with built in fingerprint reader at the Smart Card Alliance Payments Forum.

Leave a Comment

comments

About Stephen Mayhew

Stephen Mayhew is the publisher and co-founder of Biometrics Research Group, Inc.. His experience includes a mix of entrepreneurship, brand development and publishing. Stephen attended Carleton University and lives in Toronto, Canada. Connect with Stephen on LinkindIn.