Customer Preference for Biometrics Rising
Pryathna Sankaranarayanan | January 18, 2019 | 2 minutes
VISA, the American multinational that powers payments and authorization for individuals globally, has surveyed American consumers on their attitude towards authentication solutions such as biometrics and passwords. The findings support customer acceptance and interest in switching to biometric authentication for payments and purchases. We summarize the key findings here:
- 16% of customers abandon online purchases due to password inconvenience, according to VISA. For retail companies, this represents a sizeable loss in revenue.
- Awareness and interest in use of biometrics among consumers have been steadily growing. Customers perceive biometrics as a faster, easier and secure alternative to passwords.
- According to the VISA survey, US consumers surveyed are most likely to trust their bank (65%) and their credit/debit card network (54%) to store biometric data. They are likely to switch providers that don’t offer biometric authentication.
For banks and financial institutions, this demonstrates the need to invest in biometric technologies today and provide customers an improved experience across all channels. Here’s a link to the VISA survey.
06 February 2020
15 January 2020
09 January 2020