A new survey conducted by Juniper Research has concluded that 40% of iOS users in the U.S. consider themselves unlikely to use facial recognition as a payment security technology. Instead, contactless payment users said they considered fingerprint sensors and voice recognition more appealing authentication methods – with 74% and 62% stating they are likely to use these technologies.
The survey also found that while contactless payment non-users have less concerns overall, 32% have concerns about the security of the transactions, a far higher proportion than users (14%). As Juniper Research analyst James Moar points out, mobile banking has a similar pattern, with 30% of non-users concerned about the security of transactions, compared to 10% of users.
“Transaction security is a key barrier for mobile financial services adoption,” he explained. “Addressing these concerns will bring many consumers to the point where they will consider using such services.”
In related news, new data from Morning Consult (and cited by eMarketer) indicates that consumers are somewhat split when it comes to mobile devices with facial recognition capabilities.
“Its survey of US internet users in September 2017 showed that 34% of respondents had a favorable view of facial recognition software in personal devices. In contrast, 39% of those polled felt the opposite way. And over a quarter (26%) said they either weren’t sure how they felt, or had no opinion about it,” reported Rimma Kats of eMarketer. “Women were more likely than men to feel at least somewhat unfavorably toward this type of technology. For example, while 30% of women surveyed had at least a somewhat favorable view of facial recognition software, 41% expressed the opposite sentiment. Men, on the other hand, were nearly split in their attitudes.”
Nevertheless, says Kats, there’s no denying that smartphones with biometrics will soon be the norm. Indeed, Acuity Market Intelligence estimates that more than 500 biometric-enabled smartphone models have been introduced since Q1 2013. Meanwhile, a Grand View Research study estimates the biometric sensor market will reach $1.83 billion by 2024. Clearly, biometric security has already changed the experience and daily life of the mobile contactless payment user, with companies such as Qualcomm developing fingerprint technology to support secure mobile payments and services.
As we’ve previously discussed on Rambus Press, biometric authentication is steadily evolving to meet industry expectations for quick, effortless and secure mobile payment transactions. Nevertheless, consumers require assurances that their mobile payment information will remain secure. Similarly, stores and financial institutions need to be confident that the technology behind mobile payments is secure and easy-to-use before it can be truly embraced. As such, mass adoption of mobile payments will only be achieved when there is a single, unified platform built on an economy of digital trust that ensures an uninterrupted physical to digital experience.
