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How do customers perceive and trust biometric payment methods?

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Biometric payment methods, such as fingerprint, face, or iris recognition, are becoming more popular as a way to authenticate and authorize mobile payments. But how do customers feel about using their unique physical features to pay for goods and services? In this article, we will explore some of the factors that influence customer perception and trust of biometric payment methods, and how they compare to other alternatives.

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Sofiane Dagdag

?????????????? ?????????????? ???? ?????????? // Cybersecurity Advisor helping carrier billing leaders secure their…
Kapilswamy S.

Account Executive specializing in Sales and Business Development
David Lotfi

1 Benefits of biometrics

One of the main advantages of biometric payment methods is that they offer a high level of security and convenience. Unlike passwords, PINs, or cards, biometrics cannot be easily stolen, lost, or forgotten. They also reduce the need to carry multiple payment devices or remember multiple credentials. Biometrics can also enable faster and smoother transactions, as customers do not have to enter or swipe anything to pay.

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David Lotfi
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A successful payment system is one that provides a great sense of security. The biometric control bricks inserted into the payment system provide the user with a great deal of reassurance.

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2 Challenges of biometrics

However, biometric payment methods also face some challenges and limitations. One of them is the accuracy and reliability of the biometric sensors and algorithms. Sometimes, biometrics can fail to recognize or verify the customer due to environmental factors, such as dirt, lighting, or angle. This can cause frustration and delays for the customer and the merchant. Another challenge is the privacy and security of the biometric data. Customers may have concerns about how their biometric data is stored, processed, and shared by the payment providers and third parties. They may also worry about the potential risks of identity theft, fraud, or spoofing.

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Belal Madhaj - ????

Solution Architect | IT Instructor(Java, Microservice, SOA, Blockchain) | Digital Banking Consultant
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Depending on the characteristic and how the information is stored (whether as a template or raw data), some biometric characteristics could potentially reveal secondary information about an individual beyond what the biometric was initially collected for. A raw image of a facial biometric, for example, could potentially reveal health information that an individual may not want to provide, or did not consent to the collection of that information.

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Uhriel Bedoya
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One of the challenges fintechs face in developing their apps is incorporating secondary layers of security. While biometrics are relatively unique and serve as a convenient vehicle to authenticate users, bad actors have gotten better over time in breaking into phones, changing passwords, and stealing assets. For instance, many have fallen victims in social settings engaged in casual conversation by being lured into using biometrics to open their phones and financial apps to explore potential stock trading opportunities. Once this happens phones are quickly snatched, passwords changed, and biometrics turned off leaving everything on the table. The better fintechs incorporate a solid secondary layer to prevent these scenarios.

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3 Customer preferences

Customer preferences for biometric payment methods may vary depending on several factors, such as their familiarity, comfort, and trust with the technology, their perceived benefits and risks, and their personal and cultural values. For example, some customers may prefer fingerprint recognition over face recognition, because they feel more in control of their biometric data, or because they find it more convenient or hygienic. Others may prefer face recognition over fingerprint recognition, because they find it more natural or expressive, or because they have concerns about the durability or sensitivity of the fingerprint sensor. Some customers may also prefer to have a choice of biometric or non-biometric payment methods, depending on the context and the situation.

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4 Trust factors

Trust is a key factor that influences customer adoption and satisfaction of biometric payment methods. Trust can be defined as the customer's belief that the payment provider will deliver the expected benefits, protect the customer's interests, and behave in a fair and ethical manner. Trust can be influenced by several factors, such as the customer's prior experience, knowledge, and attitude towards the payment provider and the technology, the customer's perceived control and feedback over the payment process, and the customer's perception of the security and privacy of the biometric data. Trust can also be enhanced by providing clear and transparent information, policies, and options to the customer, as well as by ensuring the quality and consistency of the biometric payment service.

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Sofiane Dagdag

?????????????? ?????????????? ???? ?????????? // Cybersecurity Advisor helping carrier billing leaders secure their payments from fraud in MENA and Asia
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With the new development of AI there is a strong fear regarding personal data protection. The ultimate one is the biometric signature. Sharing your biometric signature with any private entity puts you at risk. Clear guidelines must be implemented to ensure this data is properly protected. Data storage and how this biometric data will be used are key concerns. Operators must create a wall to ensure proper biometric data protection.

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Tuan Le

???? ???? Senior Android developer | Secure Coding | Open for challenge
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To gain trust from user, especially in payments, you have to make sure that your mobile payment infrastructure and applications follow security standard and best practices. You can start by following PCI Mobile Payment Acceptance Security Guidelines. Some certificates that you can apply: PCI DSS, PCI PA-DSS, PCI P2PE, ...

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5 Future trends

Biometric payment methods are likely to evolve and improve in the future, as technology advances and customer demand grows. Some of the possible trends include the integration of biometric payment methods with other mobile features and services, such as voice assistants, chatbots, or social media platforms, the development of more diverse and sophisticated biometric modalities and combinations, such as vein, palm, or behavioral biometrics, and the adoption of more decentralized and user-centric biometric payment models, such as blockchain-based or self-sovereign identity systems.

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Alban Hoingnet

Market Director & Cybersecurity Advisor at Evina // Helping carrier billing leaders secure their payments from fraud in Europe & Africa
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Here are the future trends I'm tracking for the upcoming years: 1?? Web3 Biometric Cards for secure blockchain payments. 2?? SoftPOS allowing for smartphone-based payments. 3?? Enhanced security with biometric authentication. 4?? Wider acceptance of cryptocurrencies. 5?? Instant P2P payments for faster transactions. 6?? Advanced security protocols using encryption and AI. 7?? AI-driven personalized payment experiences. 8?? Easier cross-border payments with new technologies. These innovations, in my opinion, promise to redefine digital transactions, emphasizing security, efficiency, and user experience.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Kapilswamy S.

Account Executive specializing in Sales and Business Development
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In the purchase of digital services via mobile payments, effective use of biometrics will enable the payment provider to know if a transaction is fraudulent or not in real time. This will protect the end users from fraudsters trying to buy digital services using their handsets.

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How do customers perceive and trust biometric payment methods?

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1 Benefits of biometrics

2 Challenges of biometrics

3 Customer preferences

4 Trust factors

5 Future trends

6 Here’s what else to consider

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