With nearly half of Americans unfamiliar with biometric payment technology and a quarter expressing privacy concerns, businesses face challenges in persuading consumers of its value and safety, according to a new survey by payment technology firm Aevi.
Aevi’s survey of 2,000 Americans reveals widespread hesitance and skepticism towards biometric payments, despite their promise of improved security and ease of use. With this, the reports found that 46 percent of respondents were unaware of or unfamiliar with biometric payment technology, while 47 percent of those familiar with the technology cited privacy concerns.
26 percent of Americans surveyed do not trust businesses with their biometric data, and 41 percent said they would not trust an independent retailer or small chain to handle their biometric data.
Biometric payment systems use physical traits, such as fingerprints or facial recognition, to verify identities during transactions, and proponents highlight the technology’s security advantages. However, Aevi’s data underscores a trust deficit as 45 percent of participants believe a significant public backlash against biometric payments is likely.
“It’s difficult for small retailers to make the case for biometrics because they don’t have the reach or budget, in most cases, to reach the public and educate them,” says Mike Carmeling, CEO at Aevi.
“It will take businesses from across the payment sector to demonstrate the safety and efficacy of this technology for public confidence in it to continue to grow and for deployment of it to increase.”
The findings point to a gap in public understanding of how biometric systems function and how data is stored, transferred, and secured. This lack of awareness is fueling hesitancy and leaving many Americans reluctant to adopt a technology that could improve convenience and transaction security.
Although fingerprints remain the dominant biometric method, facial recognition is notably gaining traction.
Article Topics
biometric payments | biometrics | consumer adoption | secure transactions | United States
