Fingerprint Cards publishes ebook on biometric payment cards
Fingerprint Cards has published an ebook titled “Biometrics – The Missing Piece of the Payment Card Puzzle?”, which explores the company’s belief that 2018 is a turning-point toward volume adoption of on-card biometrics.
The 32-page PDF publication provides explanations for what biometric payment cards are, how they work, why consumers want them, the opportunities they present for banks and retailers, and the current status of the payment card market.
The introduction presents statistics in support of the claim that cards are the most popular digital payment option in the world, and that their use is still growing. The ebook also says that smartphones have made consumers comfortable with biometrics.
“On-card biometrics is the final piece of the puzzle to bring trust and security to contactless payments, without compromising convenience,” says Thomas Rex, SVP Business Line Smartcards at Fingerprint Cards. “Consumers are familiar with biometric authentication from the mobile world and therefore recognize the value it can bring to their payment cards.”
Among the advantages of biometric payment cards touted in the ebook, is the ability to raise or eliminate payment amount limits for contactless transactions, which are currently £30 in the UK, €25 in France, and $100 in Canada and Australia.
Research by Fingerprint Cards suggests that while 46 percent of consumers have contactless payment cards, but only 30 percent use them, and half of consumers are very or extremely concerned about fraud. Two-thirds of consumers in China, 73 percent of those in India, and 50 percent globally say they would be willing to pay more for a payment card with biometric authentication. Research also indicates that security concerns are the top barrier to increased use of contactless cards.
Fingerprint Cards has identified payment cards as a key new market as it transitions away from its focus on providing capacitive sensors for integration in smartphones.