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More than 5 billion biometric transactions will be made by 2021.
3 facts about biometric payments.
Last year, Juniper predicted that there will be more than 5 billion biometric transactions by 2021, up from just 130 million in 2017. According to a recent Visa study, biometrics in payments is clearly a success.
Visa conducted the Biometric Payments Study 2021 in collaboration with Populos, which involved 14,000 respondents from seven European countries. Within the framework of the project, users shared their experience of using this type of payment authentication.
The results of the study are summarized below.
More than half of the respondents (51%) believe that biometric authentication can make the payment process faster, easier and more secure. And a third of respondents (33%) see the advantage of technology in the fact that even if their mobile phones are lost, their data will remain safe.
Of all types of biometric technologies, 81% of users consider fingerprint authentication the most reliable, 76% - iris scanning.
Also, Europeans are skeptical about voice or face recognition technology (12% and 15%, respectively) when it comes to payments in traditional stores or online.
It looks like payment biometrics is looking very promising, and key players in the industry should be aware that two-factor authentication can make a major difference in improving the shopping experience.
PAYSPACE MAGAZINE HELP
Earlier we wrote that two-factor authentication and behavioral biometrics will replace passwords. The study showed that 69% of users believe passwords are not secure enough, and 72% are convinced that within nine years other methods of protection will replace them.
SEE ALSO: Can Body Parts Replace Credit Cards?
3 facts about biometric payments.
Last year, Juniper predicted that there will be more than 5 billion biometric transactions by 2021, up from just 130 million in 2017. According to a recent Visa study, biometrics in payments is clearly a success.
Visa conducted the Biometric Payments Study 2021 in collaboration with Populos, which involved 14,000 respondents from seven European countries. Within the framework of the project, users shared their experience of using this type of payment authentication.
The results of the study are summarized below.
1. There is a great demand for biometrics
There is a very high demand for biometrics, especially from consumers. 68% of respondents say they want to use biometrics as a payment authentication method. Retailers are also showing an interest in technology, especially online retailers. In all likelihood, this is precisely because 31% of customers do not complete their purchases due to the lack of security of online payments.More than half of the respondents (51%) believe that biometric authentication can make the payment process faster, easier and more secure. And a third of respondents (33%) see the advantage of technology in the fact that even if their mobile phones are lost, their data will remain safe.
2. It's all about the fingerprint
Visa's research has shown that technology competency is one of the most important aspects of moving to biometric authentication. With the development of mobile payments, the launch of Apple TouchID and Samsung's own fingerprint verification system, users have gradually become familiar with the new technology for making transactions.Of all types of biometric technologies, 81% of users consider fingerprint authentication the most reliable, 76% - iris scanning.
Also, Europeans are skeptical about voice or face recognition technology (12% and 15%, respectively) when it comes to payments in traditional stores or online.
3. Users prefer two-factor authentication
About 73% of respondents say that the use of biometrics in conjunction with another type of authentication is the ideal form of identification of the account holder.It looks like payment biometrics is looking very promising, and key players in the industry should be aware that two-factor authentication can make a major difference in improving the shopping experience.
PAYSPACE MAGAZINE HELP
Earlier we wrote that two-factor authentication and behavioral biometrics will replace passwords. The study showed that 69% of users believe passwords are not secure enough, and 72% are convinced that within nine years other methods of protection will replace them.
SEE ALSO: Can Body Parts Replace Credit Cards?
