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More Consumers Opting For Biometric Verification For Payments, Says Report

New forms of authentication, such as fingerprints, facial or voice recognition, can make unlocking accounts and payments much easier.

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More Consumers Opting For Biometric Verification For Payments, Says Report
Mumbai: More and more consumers are accepting biometric technologies like fingerprints for authentications and are ready to drop passwords for operating accounts or make payments, says a survey.

As much as 99 per cent consumers of a survey are personally interested in using at least one biometric method to verify their identity, and an equal percentage of the respondents are interested in using at least one biometric method to make payments, says a survey conducted on 500 respondents by Visa.

"New forms of authentication, such as fingerprints, facial or voice recognition, can make unlocking accounts and payments much easier and more convenient than traditional passwords or PINs, which are difficult to type onto tiny keyboards, easy to forget,and can be stolen," the survey says.

It shows that 51 per cent consumers are concerned both about the risks of a security breach of sensitive biometric information.

The top benefits associated with using biometric authentication for payments are the perception that it is more secure than passwords/PINs and that it gives consumers peace of mind that their payment is protected. 

Nearly 81 per cent of consumers overwhelmingly perceive that biometrics are faster, while 84 per cent of them say it is easier than passwords.

It says consumers are most familiar with fingerprint recognition, with 32 per cent having used it once or twice and another 63 per cent using it regularly.

About 48 per cent have used voice recognition in the past and 26 per cent use it regularly.

"The payments ecosystem is witnessing a rapid change in adoption of new form factors of payments and modes of authentication. For financial institutions, the time has never been better to integrate biometric technology into banking apps and payments experiences for customers," says the survey.

Higher income consumers are more interested than lower income consumers in facial recognition.

Younger consumers (under 36) are more interested than older consumers in vein pattern recognition, it concludes.
 


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