Security fears threaten biometric payments

Biometric payments are poised for significant growth, but substantial consumer security concerns could put its future at risk according to a new consumer study of US, UK and Australian consumers from Transaction Network Services (TNS).

  • 61% felt that providing companies with their fingerprint and iris information put their personal identity information at risk.
  • 15% of adults have made a biometric payment in the last year, rising to 25% of 18 to 24-year-olds.
  • Fingerprints were chosen as the most popular identifier overall; however, the second choice varied by region.
  • 68% believe biometric payments will become more commonplace in the next 2-5 years.

The industry needs to take measures to both ensure the security of this sensitive information and to convey to consumers what protections are in place.

Mark Collins, managing director of TNS’ FinTech solutions, EMEA