How do biometric payment methods compare with other forms of digital and contactless payments?

1 Benefits of biometrics

Biometric payment methods can provide several advantages over other forms of digital and contactless payments. First, they can eliminate the need to carry or remember multiple cards, PINs, passwords, or devices, reducing the risk of loss, theft, or fraud. Second, they can enhance the security and privacy of your transactions, as biometric data is harder to replicate, spoof, or hack than other identifiers. Third, they can improve the user experience and customer loyalty, as biometric authentication can be faster, easier, and more personalized than other methods.

2 Challenges of biometrics

Biometric payment methods also face some challenges that may limit their widespread adoption and acceptance. First, they require a high level of accuracy and reliability, as biometric data can vary due to environmental factors, aging, injuries, or diseases. Second, they raise ethical and legal concerns, such as the consent, ownership, storage, and protection of biometric data, as well as the potential for discrimination, bias, or abuse. Third, they depend on the availability and compatibility of the hardware and software infrastructure, such as biometric sensors, scanners, terminals, and networks, which may vary across regions, sectors, and vendors.

3 Adoption of biometrics

Biometric payment methods are still relatively new and emerging in the payment industry, but they are gaining traction and popularity among consumers and merchants. According to a report by Juniper Research, biometric payments are expected to reach $2.5 trillion by 2024, up from $465 billion in 2019, with more than 80% of smartphones having some form of biometric hardware by then. Some examples of biometric payment methods that are already in use or in development include fingerprint-enabled cards, facial recognition systems, iris scanning ATMs, and voice-activated payments.

4 Future of biometrics

Biometric payment methods are likely to evolve and expand in the future with the advancement of technology and an increase in consumer demand. Possible trends that could shape the future of biometric payments include multimodal biometrics, which combines two or more biometric factors for improved accuracy and security; behavioral biometrics, which uses patterns and habits of actions to create dynamic authentication; biometric wearables, which integrate biometric sensors into wearable devices; and biometric implants, which embed biometric chips or devices into the body. All of these could enable seamless and convenient payments.

5 How to use biometrics

If you are interested in using biometric payment methods, you may need to take some steps to enable and secure them. Firstly, check if your device or card supports biometric authentication and what type of biometric factor it uses. Then, enroll your biometric data in your device or card, following the instructions and guidelines provided. Additionally, choose a backup or alternative authentication method in case your biometric data fails or is unavailable. Furthermore, protect your biometric data from unauthorized access or misuse by using strong passwords, encryption, and biometric locks. Lastly, review your biometric data periodically and update it if necessary, especially if there are changes in your physical features or conditions.

6 Here’s what else to consider

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