Idex Biometrics report says biometric payment cards at mass market tipping point
Biometric payment cards have reached a mass market tipping point, despite being beset by a range of myths and misconceptions, according to a new report from Idex Biometrics.
The 13-page report “Biometric Payment Cards: Misconceptions, Ecosystem Benefits, & Market Activities” was produced for Idex by ABI Research, and reviews the benefits of biometrics to consumers using payment cards, as well as payment ecosystem stakeholders and merchants. The report sets out to address myths, such as that “biometric data has to be stored on a database,” and that a failed biometric authentication means the transaction cannot be completed. It also runs through several other misconceptions, and acknowledges that biometric payment cards cost more than traditional contactless cards.
“The best positioned vendors are those that already have extensive and well-established product portfolios, significant proofs of concept, pilots to demonstrate product reliability, and technology partnerships across multiple geographic territories,” writes report author Phil Sealy, research director of ABI Research. “These partnerships should be designed to address regional market strongholds in the supply of biometric payment cards, and to place emphasis on partnerships that can help move the biometric payment card into mass production territory, and subsequently help drive down unit costs.”
The path that Idex has taken, in terms of technology development, partnerships, and commercial engagement is outlined from 2016 on, with a multimillion-dollar commitment from a major global IT provider in April among highlights noted this year. Just this week the company announced it has been awarded a patent for remote on-card enrollment from the UK Intellectual Property Office.