Contactless biometric payment cards have reached the turning point: Fingerprint Cards
2018 is the year of on-card biometrics, due to advances in biometric performance and low power consumption, the proliferation of trials, and rising market demand, Fingerprint Cards says in a blog post.
The post refers to a report by ABI Research which says the payment card will remain a popular payment form factor, and that fingerprint authentication is the next step in its development. Fingerprint Cards’ own research indicates that consumers believe they will use contactless payment cards 50 percent more in three years time, and that 38 percent of consumers see security as their main barrier to increased use.
Contactless payment cards with next-generation technology can benefit all stakeholders, according to the post, providing banks with improved status and trust, retailers with more through-put in and higher sales, particularly if contactless payment caps are removed, and consumers with added confidence in fast and convenient contactless payments.
Finally, the post surveys the collaborative environment. While biometric sensor makers like Fingerprint Cards work towards supplying technology for biometric payment cards, solution providers including NXP, Zwipe, Linxens, and CardLab are adapting and developing card components, and IDEMIA, Kona, Gemalto, and other card manufacturers are working with card issuers on developing and manufacturing cards. Payment providers like Visa and Mastercard and standards bodies like EMVco and Eurosmart are working on interoperability and standardization, and issuing banks and large retailers are participating in the process, the post says.
ABI Research predicts that shipments of biometric payment cards will grow by approximately 400 percent CAGR to reach 160 million by 2022.