According to new research from Visa, consumers across Europe are interested in using biometrics when making a payment.
Nearly three-quarters (73%) see two-factor authentication, where a biometric is used in conjunction with a payment device, as a secure way to confirm an account holder. Two-factor authentication includes something you have, such as a card or a mobile device; something you are, such as a biometric; or something you know such as a PIN or password.
When looking at the range of different payment situations at home or on the high street, over two-thirds (68%) want to use biometrics as a method of payment authentication. Charities taking payment online have the most opportunity for gain as nearly a third (31%) of people have abandoned a browser-based purchase because of the payment security process.
When looking at the benefits of biometric authentication, half of consumers surveyed (51%) state that biometric authentication for payments could create a faster and easier payment experience than traditional methods. Similarly, a third (33%) like the fact that biometric authentication means that their details would be safe even if their device was lost or stolen.
Jonathan Vaux, executive director of innovation partnerships at Visa Europe said: “As we move into the future, consumers will have an increasing number of choices in how they pay. Just as the payment behaviour will change dependent on where you are and on the device being used, the methods of authentication will need to be use-case appropriate.
“While biometric forms of authentication offer significant opportunities to achieve the right balance between convenience and security, they are not the only answer. In the future we will see a mix of solutions dependent on the purchasing situation. By adapting our standards to recognise these technologies as valid forms of authentication now, we can help provide the environment for payments to continue to take place securely, conveniently and discreetly.”
Across Europe, few people say they would prefer voice or facial recognition as a payment method in a range of payment situations whether physically in a shop paying for goods or services, or shopping online at home (12% and 15%, respectively). In the UK, these figures fall to 8% and 12%, respectively, for voice or facial recognition as payment forms.
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