Bank. What the French want on their future bank card

The bank card of tomorrow, imagined by the French, will look like a classic bank card, with one more tool: a fingerprint reader. It was through a Kantar study for the Swedish company specialized Fingerprint Cards that the verdict was rendered. According to them, “70% of consumers who have heard of the biometric card wish to have one”.

Of course, the study takes precedence over respondents and only takes into account those who have already heard of the technology. A major advantage distinguishes cards with biometric recognition from our classic bank cards, and it points the security of our payments. No wonder innovation is popular… and coveted by banks.

Biometric bank cards

The study shows more generally that of all the study participants, 59% said yes to the bank card with biometric recognition. The validation rate is on the rise. It did not exceed 50% in 2021 and reached only 51% in 2020. The pandemic and the increase in the use of contactless payment cards have had an influence on this change of opinion.

So why switch to a biometric bank card? Visa and MasterCard are investing in new fintechs to soon add fingerprint readers to their cards. The primary goal would be to overcome the lack of security of the card, which can make contactless payments without your consent. Without a PIN code, there is no security to unlock and lock the contactless card payment function.

With biometric recognition, it will no longer be possible to pass a stolen card through a reader and make payments. In this way, banks could raise the maximum amount for contactless payments. In France, it is very low: € 50 (it has been raised to respond to barrier gestures).

In other countries such as Canada, it is possible to pay for most purchases without contact, but the risk of having your account emptied is also greater.

In its study, Kantar and Fingerprint Cards collected the following results, concerning the advantages of the biometric card:

  • Safety first : 71% of French people feel reassured thanks to the biometric card. Even if they lose their card, biometric technology assures them that no one else will be able to use their personal payment method.
  • Ease : For 42%, the main motivation is simplicity. The biometric card ensures them never to forget their PIN code, because they no longer need to remember it, the fingerprint becomes the PIN code.
  • Hygiene : 40% of French people want a biometric card thanks to its “hygienic” aspect. In fact, 1 in 5 people are worried about being infected after using a payment terminal. Following the Covid-19 pandemic, the hygiene criterion is encouraging many more consumers to switch to biometrics. For them, the idea of ​​paying only with their card without touching the payment terminal ensures them not to catch germs.
  • Practicality : A ceiling higher than 50 euros. 37% of French people think that it would be important to remove the limit on contactless payments for more regular use.

When will a biometric card be available in France?

In view of the strategy of card issuers, the democratization of biometric cards should first occur in emerging markets: Middle East, North Africa and Asia-Pacific. Tech companies are also scrutinizing the opportunity. This is the case of Samsung, which is working with Mastercard on the subject.

“We will work with Mastercard and Samsung Card to create an environment in which consumers can use payment card services with greater peace of mind,” said Harry Cho, vice president of Samsung Electronics, who announced the arrival of this first card in collaboration with the two players during this year, in South Korea.

In France, the Crédit Agricole group started an experimental phase in June 2019, after the Société Générale group. However, his arrival was delayed. Last I heard, it was due to arrive at the start of the school year. Perhaps we could see it integrated as an option in an offer from its online banking BforBank in the coming weeks.

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