December 18, 2017 -
Consumers are ready to give up passwords for biometrics, according to survey results from Visa which show 86 percent are interested in using biometrics for identity verification or to make payments.
More than 65 percent of the 1,000 Americans surveyed by AYTM Market Research are already familiar with biometrics. Interestingly, while 70 percent say biometrics are easier than passwords or PINs, and 61 percent consider them faster, only 46 percent say they are more secure.
“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.”
Consumers are the most familiar with fingerprint recognition, with 35 percent using it regularly and 30 percent having used it once or twice. Thirty-two percent have used voice recognition, and nine percent have used it regularly.
The risk of a breach of sensitive biometric information is a concern for 49 percent of consumers, as is the likelihood of biometric authentication working poorly or requiring multiple attempts. Half of those surveyed said the top benefit of biometrics is eliminating the need to require multiple passwords or PINs.
Visa recently published a biometrics-focussed security roadmap in Australia, with plans to do the same in other countries.