Fingerprint Cards (FPC) has shared the results of a Kantar survey that speak to the growing demand for biometric cards. The study was conducted in September and October of 2020, and reflects the responses of a representative sample of 2,000 adults from Canada, Australia, Germany, France, and the UK.
The results showed that the interest in contactless cards (and biometric cards in particular) has gone up during the COVID-19 pandemic. Seventy-seven percent of consumers now use a contactless card to make in-store purchases at least once a week, while 73 percent use it as their primary transaction method. In comparison, the figures for cash and mobile wallets are 22 and two percent, respectively.
However, the respondents’ thoughts about the future may be even more telling, with 63 percent believing that their use of contactless cards will increase moving forward. More than half (51 percent) claimed that they would switch to a new bank just to get their hands on a biometric card, while 43 percent would be willing to pay more for those biometric capabilities.
According to FPC, biometric cards will be in such high demand because they deliver all of the benefits of a contactless card while minimizing security concerns. Most notably, 51 percent of the respondents worry that someone else will be able to use their contactless card if it gets lost or stolen, while 25 percent expressed confusion about their contactless limit, and the fact that they still needed to enter a PIN to complete certain transactions.
Biometric cards help solve both problems, allowing banks to raise the payment cap while giving users a secure and convenient way to authorize purchases without making contact with a shared touchpad during a pandemic. Interest in biometric cards was highest with the younger generation (between 18 and 35), and amongst those who have larger incomes.
“Consumers truly need a reason to trust contactless, both from a security and usability point of view,” said FPC Marketing Head Lina Andolf-Orup. “By offering biometric payment cards, banks can not only show they care for their existing customers, they can also attract new customers and create a potential new revenue stream.”
The Bank Card Test Center recently cleared FPC’s T2 fingerprint sensor module for use in the Chinese market. FPC is also working with Infineon to drive commercial adoption with more affordable biometric card solutions.