Why eight out of ten shoppers trust biometric payments

By October 1, 2018 Uncategorized
biometric payments, fingopay, the times, raconteur,

Only biometrics allow you to make payments any time, any place, anywhere, reports the Times. On top of this convenience, consumers now rate it the most secure form of digital authentication. 

The article in the paper’s Raconteur section wonders if now is the time to say “goodbye” to our plastic, PIN codes and passwords.

Mark Nelson, senior vice president of open banking for Visa, says: “Over time that does seem likely. But it all requires baby steps to ensure consumer confidence doesn’t erode.”

A 2017 study by Visa found that consumer confidence in biometrics as a secure form of authentication is up to 84%, compared with 59% the previous year.

And the company is now developing a system to help banks incorporate biometrics into the eCommerce checkout process.

Alan Goode, founder of cybersecurity analysts Goode Intelligence, tells the Times: “There’s strong movement towards biometrics because it cuts out a lot of friction now in the system.

“There’s a lot of work on the ‘Martini principle’: being able to make a payment any time, any place, any where. And only biometrics allows that. Cards just don’t.”

The article identifies other key benefits to retailers of switching to frictionless, biometric authentication.

These include allowing them to create bespoke, personal experiences for each of their customers; carrying out age verification and saving time and cost on processing payments.

It recognises that biometrics might even “combine event ticketing, payment and identification in one fell swoop”.

Biometric technology is developing all the time. And David Vergara, head of security product marketing for OneSpan, explains: “We’re into Minority Report territory.”

Read the full article from the Times’ Raconteur section here.