Visa, the world’s leader in digital payments, today announced a survey, conducted on Indians exploring awareness and perceptions of biometric authentication confirms that consumers continue to have a strong interest in new biometric technologies that make their lives easier.
New forms of authentication, such as fingerprint, facial, and voice recognition, can make unlocking accounts and payments much easier and more convenient than traditional passwords or PINs – which are difficult to type onto tiny keyboards, easy to forget, and can be stolen.
‘’The payments ecosystem is witnessing a rapid change in adoption of new form factors of payments and modes of authentication. For financial institutions, the time has never been better to integrate biometric technology into banking apps and payments experiences for customers, ‘’said TR Ramachandran, Group Country Manager, Visa, India & South Asia, Visa.
‘’We are excited with the increased popularity of biometrics across Indian consumers. Today smartphones have advanced features increasing the accuracy and speed of biometrics, such that they can be used for financial transactions.
Indian consumers too have discovered the ease of biometric authentication and are open to using this technology for transactions going forward, which augurs well for the Indian payments industry.’’he added.
According to the Visa study conducted of 500 Indians by AYTM Market Research, 99 percent are personally interested in using at least one biometric method to verify their identity, and 99 percent are interested in using at least one biometric method to make payments.
Higher income consumers are more interested than lower income consumers in facial recognition.Younger consumers (36 and under)are more interested than older consumers in vein pattern recognition. Findings from the survey illustrate consumers’ desire to see the implementation of biometric tools in payment authentication processes.