Technology–Biometric payments—scanning an iris or veins in a palm—seem like science fiction, but it’s a growing reality around the world.
According to a Transaction Network Services (TNS) and Kantar TNS survey of consumers in the UK, the US and Australia in March 2018, just 14% of US respondents said they had made a biometric payment in the past year. Overall, more men than women had used this tech (19% vs. 12%), and younger consumers were more willing to experiment with it. One-quarter of 18- to 24-year-olds thought biometric payments would be acceptable, compared with just 3% of those 55 to 64.
Not surprisingly, consumers were most willing to use fingerprints as an ID, cited by 56%. Around half were OK with iris (51%) and facial recognition (50%), while veins in a hand had the lowest acceptance (42%).