Zwipe, a biometric fintech company, conducted a comprehensive consumer investigation in Singapore during Q4 2021 to study 150+ consumers’ payment preferences and feedback on biometric payment cards.
Consumers’ feedback on biometric payment cards was extremely positive, indicating a strong demand for biometric payment cards. Below are some interesting findings from the survey:
- 88% of consumers would prefer their next payment card to be biometric
- 70% of consumers are ready to switch to a new bank for a safer way to pay
- 80% of consumers have concerns on the risk of infection when paying in-store and touching the POS
The survey’s findings are consistent with data available from other worldwide studies undertaken in the Nordics, Canada, USA, UK, Germany and South Africa. Consumers across the world, just as in Singapore, want a payment solution that is secure and ensures touch-less check out at all times.
Strong demand for Biometric Payment Cards
According to Claus Hansen, Zwipe’s VP of Sales for APAC, “The payments market in Singapore is mature and sophisticated, with banks and fintechs offering highly digital services for retail, e-commerce and mobile financial services.
“The more-traditional smart card segment is the area where Singaporean consumers are now expecting card issuers to step up. Consumers value convenience, security, and safety when selecting and using a payment method.”