Biometric payments cards to gain traction in Singapore

CIO Review APAC | Sunday, February 21, 2021

Biometric cards are preferred by 88 percent of consumers for their future payment card. Around 70 percent of consumers are willing to switch banks for a more secure payment method

FREMONT, CA: In Singapore during Q4 2021, Zwipe, a biometric fintech pioneer, performed a comprehensive consumer investigation to analyze more than 150 users' payment preferences and feedback on biometric payment cards. Biometric payment cards received exceptionally excellent consumer response, showing a high need for biometric payment cards.

Biometric cards are preferred by 88 percent of consumers for their future payment card. Around 70 percent of consumers are willing to switch banks for a more secure payment method. When paying in-store and touching the POS, 80 percent of customers are concerned about the danger of infection. The results of the study are consistent with data from other global studies conducted in the Nordics, Canada, the United States, the United Kingdom, Germany, and South Africa. Consumers all around the world, including those in Singapore, desire a payment solution that provides world-class security and user experience while also ensuring 100 percent touch-free checkout at all times.

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Zwipe, a pioneer in NxtGen payment solutions, founded in 2009 with the objective of making convenience safe and secure through the use of biometric technologies. The company thinks that each person's innate uniqueness is the key to a more secure future. To provide biometric payment solutions to the world, Zwipe collaborates with a wide range of international organizations, sectors, and cultures. ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ Zwipe's growing staff, based in Oslo, Norway, is made up of 14 distinct nationalities from nine different nations spread over five time zones, from Colorado Springs to Singapore.

Claus Hansen, Zwipe's newly hired VP of Sales for APAC, claims that in Singapore, the payments market is mature and sophisticated, with banks and fintechs providing highly digital retail, e-commerce, and mobile financial services. Singaporean consumers are now expecting card issuers to step up in the more typical smart card market. The Zwipe Pay platform, which includes a single silicon biometric system on the card, is a game-changer in the payments industry because it has dramatically reduced unit costs while also improving biometric performance, resulting in a superior user experience.

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