New market research from leading digital services and software company TietoEVRY shows that UK and European consumers are concerned about infection risk when paying in-store, with worries about theft and fraud growing as contactless limits rise. In a new white paper TietoEVRY argues that now’s the time to introduce biometric security on contactless cards.
Conducted by Zwipe on behalf of TietoEVRY during COVID-19’s “second wave” across Europe in January 2021, the research found that 83% of UK consumers are concerned about infection risk when it comes to shopping and paying in-store. The research also shows more than half (55.3%) of consumers are concerned about the safety of their payment cards as transaction limits increase.
Steve Warner, Sales Director for the UK and Ireland at TietoEVRY, said: “With the new proposed limit of £100 (€110) per transaction in the UK from 6th April 2021, it becomes possible for thieves to spend significant sums of money on unprotected contactless cards, even if theft is reported quickly. This is a real concern, and card issuing banks must act now to ensure contactless transactions remain safe and bolster consumer confidence.”
TietoEVRY’s research confirms that contactless payments have become the habitual choice of 78.3% of UK consumers, with fully 90% having used contactless at some point in the last three months. This compares to 2019 information from UK Finance stating that 60% of UK adults used contactless, demonstrating how fast contactless transactions have become the norm. Other leading European markets have shown a similar shift, with contactless used by 72% of Swedish consumers and 77% of Norwegians as of January 2021.
“Our research shows just one in four UK citizens believe the current situation is sustainable”, Warner continued. “At the same time, though few are aware of biometric cards, 80% of UK consumers are telling us they want a biometric security factor on their next payment card – and more than half of them are willing to pay for it. With recent surveys telling us that one in five Brits would move bank for better services, now’s the time for banks to claim competitive advantage by offering biometric cards.”
The research reveals just under half of UK consumers (49%) would switch banks to get hold of a biometric payment card, with around half of consumers in Sweden and Norway willing to make a similar switch.
Download the white paper for more information https://www.tietoevry.com/en/campaigns/2021/biometric-cards-whitepaper/. Please also see the attached PDF's for biometric study and executive summary.
About the research: 300 British citizens were surveyed by Zwipe on behalf of TietoEVRY in January 2021. 48% of respondents were female. 8% were aged under 18, 22% between 22 and 29, 18% between 30 and 44, 31% between 45 and 60, and 21% aged 60+. Survey information for Norway and Sweden available on request.
About TietoEVRY: TietoEVRY creates digital advantage for businesses and society. We are a leading digital services and software company with local presence and global capabilities. Our Nordic values and heritage steer our success. Headquartered in Finland, TietoEVRY employs around 24 000 experts globally. The company serves thousands of enterprise and public sector customers in more than 90 countries. TietoEVRY’s annual turnover is approximately EUR 3 billion and its shares are listed on the NASDAQ in Helsinki and Stockholm as well as on the Oslo Børs. www.tietoevry.com
TietoEVRY Financial services solutions is the number 1 provider within IT, software and platform services for Financial services in the Nordics. We have largest pool of banking and financial IT and software experts in the Nordics supported by global capabilities. In total, we have over 3000 industry experts working with our 400 clients in over 50 markets around the globe.
TietoEVRY Financial Services Solutions create digital advantage for millions of customers every day, helping a wide range of Nordic and global companies in the financial services industry to digitalize business processes, secure operational efficiency and growth in an environment of constant regulatory change. Our portfolio provides a comprehensive range of services and processes, based on flexible modules and innovative scalable software platforms, from innovative real-time solutions within payments, cards and credit to running full stack operations and BPO services.
If you want to learn more, please visit: https://www.tietoevry.com/en/industries/financial-services/