Although biometric payment systems are closer to broad implementation, almost half of consumers across the United States are unaware of the technology, according to a survey announced by in-person payment operations firm Aevi.
Among those aware of biometric payment, 25% cite privacy concerns with the technology, the Aevi survey revealed.
The Aevi survey results come shortly after Mastercard revealed its intention to transform online shopping by 2030, eliminate card numbers for purchasing and turn to secure on-device biometrics. In doing so, Mastercard intends to provide easy authentication across devices and websites.
Mastercard stated it aims to eliminate the need for manual card entry and one-time or static passwords by combining tokenization, a technology introduced a decade ago to protect sensitive personal and payment data, with biometric authentication for secure, seamless checkout. In that case, every online transaction across its network could be tokenized and authenticated, in effect making online checkout smoother and safer, according to Mastercard.
Even so, the Aevi survey suggested consumers need more information to make up their minds about biometric technology. Businesses, especially small businesses, face a significant challenge in convincing Americans of the value and safety of biometric payment technology, Aevi stated.
The Levi study indicated:
- 47% of consumers familiar with biometric payments have privacy concerns.
- 41% of U.S. consumers wouldn’t trust an independent retailer or small chain with their biometric data.
- 45% of consumers believe there will be a significant public backlash against biometric payments.
Biometric payment technology promises better security that can more effectively thwart fraudsters while enhancing user experiences, Aevi maintained. However, the survey of 2,000 U.S. consumers suggests the public, in general, has a poor understanding of biometric payment technology, including what it is, how it works and how data is stored, transferred and secured.
The push by Mastercard could be helpful in spreading familiarity with the biometric payment, and, given its payment platform is so widely accepted, it could help small businesses introduce the technology.
