Money20/20 Europe: The Dutch Are Ready for Biometric Payment Cards, says Zwipe

Money20/20 Europe: The Dutch Are Ready for Biometric Payment Cards, says Zwipe

This year, Money20/20 Europe is themed around the circus.

At the outset of this week’s Money20/20 Europe event in Amsterdam, Zwipe is highlighting enthusiasm for biometric payment cards among the Dutch.

The company makes its case with recent market research from Motivaction, which polled over 1000 residents of the Netherlands between the ages of 18 and 65. According to a statement from Zwipe, the study found that 50 percent of respondents “believe that paying with biometrics will be the future of banking”. And with over 60 percent expressing concern about potential skimming with contactless cards and almost 40 percent asserting that contactless payments aren’t secure enough in general, “half of the respondents surveyed want their current bank to offer fingerprint authenticated contactless payment as quickly as possible,” Zwipe says.

Elaborating on the findings, Zwipe CEO André Løvestam said that while “research clearly shows that contactless payments in the Netherlands is something that Dutch consumers want… security has always been a concern.” Biometric payment cards like the solution developed by Zwipe offer a solution that “allows banks, who are competing like never before, an opportunity to offer their customers the best of both worlds: the ease and speed of contactless with stronger security,” he said.

It’s something the company is keen to highlight as it attends Money20/20 Europe, where the biometric payment card concept is likely to get a lot of buzz this year now that both Mastercard and Visa have been conducting real world trials of such technology. Zwipe’s technology has been featured in at least one of those trials, and the company clearly sees this as an area of considerable potential going forward.

June 4, 2018 – by Alex Perala