American consumers are growing more confident in making online payments including using alternative currencies like bitcoin, and biometric authentication for transactions. Viewpost IP Holdings LLC, an e-payment company, surveyed 1,000 US-based consumers and found that overall, 80% supported the use of “futuristic” payment technologies, including sensor fingerprinting, retinol scanning, and facial and voice recognition.
Among the survey findings:
• 50% believe that fingerprint technology will be used for payment authentication in the next 10 years
• 35% see facial recognition as a key authentication technology within 10 years
• 31% see retinol scanning as a viable payment technology
• 18% see themselves using voice control technology for payments within the next 10 years
• 32% trust facial recognition for securing electronic payments
People are willing to embrace a more convenient, easy payment system – but trust in a mobile payment system remains a key issue. With sensational reports of data breaches, who do you trust with your fingerprint, retinal, facial and voice biometric data? Storing your thumbprint on your smartphone is one thing, trusting a third party with your biometric data and personal finance information is a whole other trust issue.
Also interesting to note, 51% of people in the survey are being paid electronically via direct deposit. One third of the respondents believe paper checks will disappear in the next 5 years, and 83% believe paper checks will be gone completely in the next 20 years. Similarly, only 11% of respondents believe companies will bill consumers by paper in the future. Instead, 54% believe that companies will bill consumers directly through automatic payment by bank account or credit card, and 52% believe payments between companies and consumers will be made through mobile apps.
Many Consumers Expect Advanced Biometrics in Payments’ Future: Survey
By Kevin Woodward, July 11, 2017 on DigitalTransactions.net
Survey Finds Futuristic Payments Gaining Acceptance
By Allison Zisko, July 6, 2017 on HFNdigital.clom
Americans Becoming More Comfortable with Biometric ID
By Syndication, updated July 16, 2017 on TopTechNews.com
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