Visa study finds millennials favor biometrics-secured payments

Visa has published a new study which reveals that millennials are interested in making biometric-secured payments using identifiers such as fingerprints and irises, according to a report by New Zealand Herald.

The Visa New Zealand Millennial Survey found that 62 percent of millennials are interested in using biometrics for payments because “they see it as being secure and convenient and having the ‘cool factor’.”

“Emerging payment technology like biometrics remove potential pain points for customers,” said Marty Kerr, New Zealand country manager at Visa. “They don’t have to worry about forgetting or losing their cards or wallets, and just need to spend a brief time at the till without having to insert cards or remember a PIN.”

Survey respondents also showed little loyalty to brands, with one in five saying they have no brand affiliations.

The findings also confirmed that importance of technology for millennials, with over three quarters of respondents stating their smartphone is their favorite gadget that simplifies their life.

Aside from smartphones, millennials chose laptops (10 percent), tablets (3 percent), and smartwatches (2 percent) as their favourite pieces of technology.

Visa’s survey results echoed recent findings released by Iovation and Aite Group, which revealed that 95 percent of millennials are open to using a different authentication method than passwords.

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