Consumers want biometrics for payments, says Visa
UAE survey shows consumers would welcome biometric authentication for payments
Consumers in the UAE would welcome more use of biometrics to help them make payments, according to a survey from Visa.
The survey found that UAE consumers have a good awareness of biometric authentication, and would like to be able to use methods such as fingerprint recognition or iris scans to validate payments.
Ninety-eight percent of consumers would like to use at least one method of biometrics to make future payments, with 69% interested in paying using fingerprint recognition and 56% keen to pay using eye scanning technology.
Consumers said that they believe biometric authentication is faster (77%) and easier (79%) than methods such as passwords or PINs.
The main benefit cited by respondents to using biometrics was that it is more secure than other methods (45%), could enable anytime/anywhere payments (39%) and would also be more secure even if a device such as a PC or mobile is lost or stolen (37%) while 34% said it would mean they did not have to remember PINs and passwords.
Eighty-two percent of consumers would likely switch away from a credit or debit card provider that does not offer biometric authentication in the future, whilst 79% would switch banks and 77% would change mobile phone provider.
Neil Fernandes, Head of Risk, Middle East and North Africa, Visa said: "For the payments industry, now is the time to integrate biometric technology into banking apps and customer payments experiences, particularly given more than three quarters of consumers cited they would likely switch away from companies that do not. Identity and authentication is the key to securing digital payments and the industry is gradually moving beyond what you have and what you know to who, what and where you are.
"There is an opportunity for the UAE payments industry to deliver biometric authentication that benefits consumers, issuers, acquirers and merchants while offering the right balance of convenience and security. Visa is well positioned to facilitate this by working with payment partners to deliver a frictionless and secure payments experience."