In response to the news that global card expenditure is forecast to almost double over the next four years as a result of a continued growth in contactless payments, David Orme, SVP at IDEX Biometrics commented below as part of our experts comments series highlighting the need to address card fraud now to secure our future as a cashless nation.
David’s comment also discusses how recent advancements in biometric fingerprint technology could provide the answer by allowing people to be far better protected, without having to compromise security for convenience.
Global card expenditure to reach $45 trillion by 2023 – contactless driving growth https://t.co/di0171y4Gg by @PaymentsCardsM
— Fintechbot (@FintechBot) February 13, 2019
David Orme, Senior Vice President at IDEX:
“The news that global card expenditure is set to almost double over the next four years due to surging growth in contactless payments continues to highlight the reality that we are swiftly moving towards a cashless society. However, in order to become a truly successful cashless society, we must first address card fraud, which remains a serious and increasingly urgent problem. In 2016 alone, fraud losses on UK issued cards totalled £618 million, a 9% increase from the previous year.
To address fraudulent card usage and secure our future as a cashless nation, recent advancements in biometric fingerprint technology is set to transform the physical payment card as we know it. Due to their unique and personal nature, connecting fingerprints to the payment card is an ideal means to provide stronger authentication via contactless and contact transactions. In fact, IDEX Biometrics research revealed 56% of consumers surveyed state they would trust the use of their fingerprint to authenticate payments more than the traditional PIN.
By using biometrics people making card payments will no longer have to compromise security for convenience, as no consumer habit change is required. Key players within the banking industry are already heavily invested in this new digital payment technology and we predict that biometric smart payment card adoption will go into many millions in 2019.”