Aug. 2, 2018 Consumer security concerns could jeopordize the future of biometric payments, which are otherwise poised for growth, according to a new report from secure network provider Transaction Network Services. Vital Insights into Biometric Payments Adoption, an independent report commissioned by TNS Inc., reveals that 15 percent of adults have made a biometric payment in the last year, including one-fourth of adults age18–24. "We are delighted to see that biometric payments are being tested by consumers, however, a staggering 61 percent felt that providing companies with their fingerprint and iris information put their personal identity information at risk," Mark Collins, managing director of the TNS fintech solutions business EMEA, said in a press release. "The industry needs to take measures to both ensure the security of this sensitive information and to convey to consumers what protections are in place." Other highlights from the report: Request a free copy of the report by email. The TNS online study was conducted March 8–12 and polled representative samples of 1027 adults in the U.S., 1,032 in Australia, and 1,024 in the U.K. Topics: Security, Trends / Statistics
The future of biometric payments is at risk because of consumer concern over the safety of personal data, according to the Vital Insights into Biometric Payments Adoption report by Mark Collins. More than 60% of respondents were concerned about the security of their personal information when giving companies fingerprint or iris information. TNS from Mark Collins called on the industry to ensure the security of such information and to inform consumers of the protections put in place.