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Dutch Consumers Embrace Biometric Payments, See Reduced Fraud Risk
AMSTERDAM - In a groundbreaking pilot project, MasterCard and International Card Services (ICS) have found that nearly nine out of 10 Dutch consumers prefer to use biometric authentication, such as fingerprint or facial recognition, over traditional passwords for online payments.
High Demand for Biometric Payments
Seventy-seven percent of participants in the six-month pilot, which concluded in June, want to continue using biometric authentication to complete payments after the pilot. This demonstrates high demand for this technology in the Netherlands. Nearly 75% of users believe that biometric payments will decrease fraud risk.
Biometric Authentication: A Convenient and Secure Option
According to André IJbema, Manager Risk Management at ICS, “biometrics ensures convenience and reduces the complexity associated with password management.” He expects passwords to become obsolete as people increasingly opt for more user-friendly alternatives like biometric identification.
MasterCard Sees Commercial Potential
Arjan Bol, Country Manager for MasterCard in the Netherlands, sees significant commercial potential for biometric payments. He is exploring opportunities to integrate this technology into banking and tech giants’ apps. “The Dutch consumer is very progressive in embracing new technologies,” Bol said. “We’re committed to making payment using a selfie or fingerprint even easier and more secure.”
Biometric Payments on the Rise Globally
The pilot’s success has generated commercial interest worldwide, with MasterCard planning to launch biometric payments in the US, Canada, and parts of Europe in summer 2016. With the rise of contactless cards, smartphones, and smartwatches already providing new payment experiences in stores, online shoppers are now expecting the same convenience and security in web stores.
Benefits of Biometric Payments
- Convenience: Biometric authentication eliminates the need for passwords, pin codes, or confirmation codes.
- Security: Biometrics ensures that only authorized individuals can complete payments, reducing fraud risk.
- Ease of use: Biometric payments offer a seamless and intuitive experience for consumers.