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Banking & Finance

Visa: Biometric authentication easier for consumers

Released at: 08:50, 13/01/2020

Visa: Biometric authentication easier for consumers

Photo: Visa

Biometric authentication in payments preferred over traditional methods, Visa study finds.

by Hung Cao

A new study commissioned by Visa has found that a strong majority of cardholders in Vietnam are interested in using biometric authentication such as fingerprints or facial recognition to complete transactions, rather than PIN numbers or passwords - with many having already used these technologies to make payments.

The study, which was commissioned by Visa and conducted by Fabrizio Ward, LLC, was conducted online of credit cardholders in Vietnam and looked into attitudes towards existing and new methods of payment authentication, with a particular focus on issues of security, convenience, and reliability.

According to the research, 95 per cent of respondents had used fingerprint recognition in the past to make a payment, making it the most popularly used form of biometric authentication. Across the board, the survey found that biometric payments are seen as being more secure, faster, and easier than traditional methods.

Respondents very clearly ranked biometrics as one of the most secure forms of authentication, with 97 per cent indicating they felt fingerprint recognition was a secure method, followed by eye scans with 94 per cent and facial recognition 92 per cent. These ranked above methods like PIN numbers, with 87 per cent, and passwords with 84 per cent.

Eight-three per cent indicated they had abandoned a purchase online, with the most commonly cited reasons for doing so being that they’d forgotten a password (41 per cent), or they’d had trouble logging on to their account (38 per cent). This could explain why only one in five respondents stated that they use unique passwords for each account. At the same time, 93 per cent said that they felt secure when paying using either a PIN or password.

“The study shows that there is a clear desire for biometrics in the marketplace, and furthermore, that Vietnamese consumers are very keen adopters of new technologies,” said Ms. Dang Tuyet Dung, Visa Vietnam’s Country Manager.

“These are positive signs for us, as we work with banks in Vietnam to introduce more individualized and secure methods of identifying cardholders, so that we can work towards our goal of eliminating fraud while making the payment process even simpler for consumers.”

When asked for reasons why they may not currently be using biometric authentication, the leading response from respondents was that their bank didn’t support the technology. However, a large majority indicated they would likely switch away from banks, payment card providers, or mobile services that didn’t offer biometric authentication.

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