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Consumers open to the next wave of payment technology

However, the new wave of technology needs to seamlessly mix smartphones and payment cards.

Consumers are ready for the next wave of payment technology, including the deployment of AI-driven biometrics to verify identity in digital-first account opening processes, according to Entrust Cybersecurity Institute.

Nearly three-quarters of respondents in Singapore indicated that they are comfortable with artificial intelligence (AI) helping their bank detect fraud.

However, the new wave of technology needs to seamlessly mix smartphones and payment cards.

Almost half of respondents cited instant access to a digital debit or credit card when opening a new account as an important criterion. Yet, 83% of Singapore respondents also indicated their preference to use physical credit or debit cards. This includes nearly a third of all Millennials and Gen Z respondents.

“This report clearly demonstrates that we are entering a hybrid future; banks need to provide both physical and digital payment options in order to remain competitive and relevant. Digital-first experiences can enable AI-driven digital account opening and onboarding while still providing a digital payment card along with the physical credential, allowing customers secure and accessible options,” says Jenn Markey, vice president of Payments and Identity of Entrust.

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