European Consumers Ready to Use Biometrics for Payments
According to new research from Visa, consumers across Europe are interested in using biometrics when making a payment – especially when integrated with other security measures. 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. Online retailers 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.
Jonathan Vaux, Executive Director of Innovation Partnerships at Visa Europe said: “Biometric identification and verification has created a great deal of excitement in the payments space because it offers an opportunity to streamline and improve the customer experience. Our research shows that biometrics is increasingly recognised as a trusted form of authentication as people become more familiar with using these capabilities on their devices.