Contactless payment security concerns drive Dutch desire for biometric bank cards
Nearly half of Dutch consumers want their banks to provide fingerprint authentication for contactless payments as soon as possible, and half believe that biometrics-based payments are the future of banking, according to a survey conducted by Zwipe.
Contactless payment was introduced in the Netherlands in 2013, but payments of more than €25 require a PIN, and the security of contactless payments remains a concern in the country. More than 60 percent of Dutch consumers fear contactless skimming, and nearly 40 percent believe that the technology is generally not secure enough, according to Zwipe.
“The research clearly shows that contactless payments in the Netherlands is something that Dutch consumers want,” says André Løvestam CEO of Zwipe. “However, security has always been a concern. The fact that you still have to enter a PIN code when completing larger transactions amounts at the moment of payment makes the experience less frictionless and makes the average consumer hesitate to use it in the first place. Zwipe is the first to have developed an innovative and secure solution for integrating fingerprint recognition on payment cards, making the customer journey more frictionless and more secure simultaneously. This allows banks, who are competing like never before, an opportunity to offer their customers the best of both worlds: the ease and speed of contactless with stronger security.”
Zwipe is sharing its fingerprint technology for payment cards at Money20/20 Europe this week in Amsterdam.