Nearly Half of Americans Have Privacy Concerns About Biometric Payments Ahead of Black Friday, Aevi Study Finds

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Nov 14, 2024, 10:00 ET

LONDON, Nov. 14, 2024 /PRNewswire/ -- With almost 50% of the public unaware of biometric payments, and with 25% of people citing privacy concerns with the technology, businesses face a significant challenge in convincing Americans of the value and safety of biometric payment technology as we approach Black Friday. Aevi's biometric payments survey data also revealed that:

41% of Americans wouldn't trust an independent retailer or small chain with their biometric data.
47% of people familiar with biometric payments have privacy concerns.
45% of US participants believe there will be a significant public backlash against biometric payments.

Difficult for would-be fraudsters to replicate and more straightforward than other verification systems, biometric payment technology promises better security and enhanced user experience.

However, a survey of 2,000 Americans by payment technology company Aevi shows that 46% of the public is unaware of the technology or lacks familiarity with it. These findings indicate that the payments industry has a major hurdle to overcome if it wants to see wider adoption of biometric payments.

Among those who are aware of the technology, trust is a huge problem. 26% of Americans surveyed do not trust businesses with their biometric data. Put another way, 47% of people that are aware of biometric payment technology, have privacy concerns. For small retailers the problem worsens, as they are shown to be the type of businesses least trusted to handle customer's biometric data. 41% of those surveyed said they wouldn't trust an independent retailer or small chain to handle their biometric data.

Taken together, the data shows that the public has a poor understanding of biometric payment technology—what it is, how it works and how data is stored, transferred, and kept secure. This, in turn, makes customers reluctant to use the technology, causing them to miss out on the improved convenience and security it offers.

How can these challenges be overcome? Mike Carmeling, CEO at Aevi said "It's difficult for small retailers to make the case for biometrics because they don't have the reach or budget, in most cases, to reach the public and educate them. It will take businesses from across the payment sector to demonstrate the safety and efficacy of this technology for public confidence in it to continue to grow and for deployment of it to increase."

SOURCE Aevi