New forms of authentication, such as fingerprint, facial, and 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, a new Visa survey of customers has found.
“For financial institutions, the time has never been better to integrate biometric technology into banking apps and payments experiences for customers,” said Mark Nelsen, Senior Vice President of Risk and Authentication Products, Visa.
“Visa is investing in the best ways to add these emerging technologies to our portfolio of products and services. Advances in mobile device features are increasing the accuracy and speed of biometrics, such that they can be used for financial transactions. At the same time, consumers are widely familiar and comfortable with using biometrics for more than just unlocking their phones.”
To help financial institutions and merchants more quickly adopt emerging biometric authentication solutions, the Visa ID Intelligence platform provides a curated selection of leading third-party authentication technologies. Visa clients can create, test and adopt new authentication solutions with simple integrations using Visa APIs and SDKs.
According to the Visa study conducted by AYTM Market Research, 86 per cent of consumers are interested in using biometrics to verify identity or to make payments, and more than 65 per cent of consumers are already familiar with biometrics.
The research also found that 70 per cent of consumers believe that biometrics are easier and 46 per cent think they are more secure than using passwords or PINs. Findings from the survey illustrate consumers’ desire to see the implementation of biometric tools in payment authentication processes.
Other highlights of the survey include that, consumers were most familiar with fingerprint recognition, with 30 per cent having used it once or twice and another 35 per cent using it regularly. By comparison, about 32 per cent have used voice recognition in the past and only nine per cent use it regularly.
Also, 70 per cent of respondents find biometrics easier than passwords and 61 per cent consider it faster while fewer than a third of consumers use unique passwords for each of their accounts.
In addition, 50 per cent of consumers responded that the top benefit of using biometrics was eliminating the need to remember multiple passwords or PINs, followed by 46 per cent who said that biometrics was more secure than passwords or PINs for verifying identity.
Furthermore, 49 per cent were concerned both about the risk of a security breach of sensitive biometric information and that biometric authentication won’t work well or will take multiple tries.
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