EPC poll shows fingerprint tech has greatest customer adoption potential for biometric payment authentication
Payments industry stakeholders believe the biometric modalities with greatest potential for biometric authentication adoption by consumers in the next five years are fingerprints, followed closely by multi-modal methods, according to new research from the European Payments Council (EPC).
The EPC asked “which biometric authentication technology do you consider to offer the greatest potential for customer adoption for payments in the coming 5 years?” Fingerprint authentication has the greatest potential according to 31 percent of respondents, followed by multiple biometrics at 29 percent, with facial (11 percent) and eye recognition (10 percent) trailing far behind, and voice (5 percent), palm and vein recognition (4 percent), and “other” (4 percent) barely registering. The most promising finding for biometrics providers is that only 5 percent of payment respondents said they feel none of the biometric authentication modalities will be widespread in five years.
IDEX SVP David Orme responded this week to concerns about the move to a “cash-less society” by saying that banks could do more to extend digital payment access, including deploy fingerprint payment cards and other biometric technologies. Societe Generale recently announced the removal of its value cap on contactless transactions carried out with its IDEMIA-powered biometric payment cards, among several current trials.
Goode Intelligence forecasted in October that 2.6 billion people will use biometrics to authenticate their identity for payments by 2023.