Fingerprints’ Survey Reveals Increasing Appetite Amongst French Consumers for Biometric Payment Cards
- Payments , Credit Cards , IT Innovations
- 13.10.2021 01:45 pm
The biometric payment card is a major innovation in payment technology, currently being rolled out across France, providing consumers enhanced security without sacrificing convenience
70% of French consumers that have heard of biometric payment cards want one. This is just one finding from a study conducted in August 2021 by world leading biometrics company Fingerprint Cards (Fingerprints™) in collaboration Kantar, pointing to the growing appetite amongst French consumers for biometric payment cards.
In an online survey of 1,000 consumers in France, 59% would say ‘yes’ to a biometric payment card, compared to 50% in 2019 and 51% in 2020. When asked to what lengths they would go to get a biometric payment card, 52% would switch banks, which rose to 64% in some areas of France, and 67% among the 18–34-year-olds. Also, 55% would pay an average of EUR 3.20 more per month to have one, up from 50% in 2020.
According to a previous survey by Fingerprints in 2020, consumers have a ‘card-first’ approach to in-store payments (73%), with smartphones and mobile wallets accounting for 2% of transactions.
A significant factor behind the growing eagerness for biometric payment cards amongst interested French consumers is the unique balance of security and convenience they bring to in-store payments.
- Security: 71% of French consumers that are interested in this technology would feel safer when using a biometric card, even if they lose it, as use is limited to the authorized user.
- Ease: With consumers worried about forgetting PINs, 42% are drawn to the simplicity of a biometric payment card as it does not require one for daily use.
- Hygiene: Since the pandemic, 1 in 5 consumers are worried about the health risk of physical surfaces, and 40% of French consumers want a biometric payment card for hygiene reasons as it removes the need to touch a PIN terminal.
- Convenience: 37% of French consumers think the EUR 50 contactless payment limit should be removed. With biometric payment cards, there is no contactless limit to in-store payments.
“It’s exciting to see the high interest among consumers, and in a country first to roll this out in a larger scale. It took time and considerable expertise to equip payment cards with fingerprint sensors. 2021 and beyond will see biometric cards deployed by banks and financial institutions around the world, for the benefit of their business, merchants and consumers. Banks need to understand the technology itself to make informed decisions, to offer customers a card that enhances the shopping experience, rather than hindering it.” said Michel Roig, SVP Business Line Payments & Access at Fingerprints.
For more details on biometric payment cards please visit the website.