Survey shows almost everyone in Singapore wants biometric banking
A new survey from Visa reveals that 97 percent of consumers in Singapore are interested in using biometrics, and 96 percent say they would use them instead of traditional passwords to make payments, Business Insider Singapore reports.
The “Biometrics in Payments: Singapore” survey shows that while only one in five Singaporeans are currently using biometrics for banking services, even those who do not use biometrics at all are likely to adopt them for banking eventually, as 91 percent of this minority say they are likely to use fingerprint or facial recognition for banking in the future.
Overall, 88 percent of respondents have used fingerprint biometrics, 51 percent on a regular basis, while 56 percent have used facial recognition, 50 percent have used iris scans, and 49 percent have used voice biometrics.
Almost nine out of ten would use biometric authentication for large purchases of more than SGD 100 (roughly US$76), either online or in person, as well as for electronic downloads, transferring money to family or friends, and paying at a bar or restaurant. More than eight out of ten would use it to pay for fast food or public transportation tickets.
Just over half of those surveyed (55 percent) say biometrics eliminates the need to remember and enter multiple passwords and PINs, though only 41 percent say they are more secure than passwords and PINs for confirming an individual’s identity. The main benefits perceived are ease of use (75 percent) and speed (71 percent).
A recent survey from GBG and Forrester Consulting indicated that Singapore is leading the financial sector in biometrics adoption.