Surveys give mixed results on consumers and biometric payment tech
15 September 2017 14:30 GMT

In the same week, two surveys of US consumers gave almost contradictory results on how biometric payments tech is viewed.

US consumers still aren't convinced by biometric payments, with security concerns still prevalent, found one. However, another survey showed broad consumer approval.

About 40% of more than 3,000 consumers surveyed by payments platform company Paysafe and research firm Loudhouse said biometric solutions are too risky to use right now. 

Nonetheless, Paysafe and Loudhouse also found that 54% of consumers expect that by 2020 they will no longer need to carry cash for shopping. In addition, about 31% said they already use mobile wallets, and about 18% have used biometric verification when buying online.

Meanwhile, a survey from Viewpost focused on how American consumers view the future of payments and key issues around awareness of payment technologies, and reveals a high interest in “futuristic,” biometric payment options.

The company surveyed a cross-section of 1,000 U.S.-based consumers, finding that overall, 80% of Americans are in support of using tools like sensor fingerprinting, facial recognition, retinal scanning and voice control to make payments.

51% of consumers surveyed reported that they are paid electronically via direct deposit. The survey also revealed an increasing comfort level with paperless transactions, significant in driving consumers’ interest in even more sophisticated forms of electronic and biometric payment.

Respondents said they are unenthusiastic about traditional paper checks, as one-third of them think that paper checks will die within five years, and 83% believe they will be completely eliminated within the next 20 years.

Only 11% of Americans believe that companies will bill their customers via paper in the future, while 54% of Americans believe that companies will bill their customers via automatic payments from their bank account or credit card.

“People are willing to embrace a more convenient, frictionless biometric payments future. Paper invoicing and checks are well on their way out in the consumer setting, and more businesses across the spectrum are beginning to follow suit with transactions among their trading partners. But electronic invoicing and payments are just the beginning — the future of the payments industry is highly dependent on leveraging innovation like biometrics, data integration, and a growing variety of payment methods to securely drive more volume with visibility, speed and simplicity," said Viewpost CEO Max Eliscu