Visa says Europe is ready for biometric payments

Global payments firm Visa has found in a new survey that nearly three-quarters of European consumers see two-factor authentication, where a biometric is used in conjunction with a payment device, as a secure way to confirm an account holder.In addition, the survey of over 14,000 European consumers, found that 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.”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,” said Jonathan Vaux, Executive Director of Innovation Partnerships. “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”.He added however that one of the challenges for biometrics is scenarios in which it is the only form of authentication.”It could result in a false positive or false negative because, unlike a PIN which is entered either correctly or incorrectly, biometrics are not a binary measurement but are based on the probability of a match. Biometrics work best when linked to other factors, such as the device, geolocation technologies or with an additional authentication method. That's why we believe that it's important to take a holistic approach that considers a wide range of enabling technologies that contribute to a better end-to-end experience, from provisioning a card to making a purchase to checking your balance.”Despite these caveats, Visa found that when looking at the benefits of biometric authentication, more than half of Europeans (51%) state that biometric authentication for payments could create a faster and easier payment experience than traditional methods. Similarly, a third (33%) like the fact that biometric authentication means that their details would be safe even if their device was lost or stolen.Vaux continued:”As we move into the future, consumers will have an increasing number of choices in how they pay. Just as the payment behavior will change dependent on where you are and on what device you are shopping, the methods of authentication will need to be use-case appropriate. While biometric forms of authentication offer significant opportunities to achieve the right balance between convenience and security, they are not the only answer. In the future we will see a mix of solutions dependent on the purchasing situation. By adapting our standards to recognise these technologies as valid forms of authentication now, we can help provide the environment for payments to continue to take place securely, conveniently and discreetly.”In the study of over 14,000 European consumers, discretion and familiarity with biometric forms emerged as important factors for uptake.With the advent of mobile payments, fingerprint recognition is deemed to be the most favourable form of biometric payment for its ease of use and security. When looking solely at the perceived security of biometric technologies, 81% of consumers see fingerprints as most secure, followed by iris scanning (76%). More than half (53%) express a preference for fingerprint over other forms of biometric authentication when using it for payment. Across Europe, few people say they would prefer voice or facial recognition as a payment method in a range of payment situations whether physically in a shop paying for goods or services, or shopping online at home (12% and 15%, respectively). In the UK, these figures fall to 8% and 12%, respectively, for voice or facial recognition as payment forms.With over two-thirds (67%) of consumers recognising the importance of security details to protect one's identity, new forms of authentication must reach a balance between speed and security.The research found that biometric authentication is almost equally valued in face-to-face payment situations where speed efficiencies are a priority as it is for online transactions. This is reflected in the findings:• 48% want to use biometric authentication for payments when on public transport• 47% want to use biometric authentication when paying at a bar or restaurant• 46% want to use it to purchase goods and services on the high street e.g. groceries, coffee and at fast food outlets.• 40% want to use it when shopping online• 39% when downloading content

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