Visa Survey Shows Consumers Prefer Biometrics Over Passwords

Visa, the payments company, found in a new survey that consumers in America are interested in biometrics technology because of its convenience.

In a press release on Thursday (Dec. 14), Visa said, based on a survey of 1,000 Americans, that biometric authentications — including fingerprint scanners, facial and voice recognition — which can unlock accounts and make payments easier are resonating with consumers who like their convenience and the fact that they are more secure.  

“For financial institutions, the time has never been better to integrate biometric technology into banking apps and payments experiences for customers,” said Mark Nelsen, SVP of Risk and Authentication Products, Visa, in the press release. “Visa is investing in the best ways to add these emerging technologies to our portfolio of products and services. Advances in mobile device features are increasing the accuracy and speed of biometrics, such that they can be used for financial transactions. At the same time, consumers are widely familiar and comfortable with using biometrics for more than just unlocking their phones.”

Among the key findings of the study that was conducted by AYTM Market Research for Visa is that 86 percent of consumers are interested in using biometrics to verify identity or to make payments. More than 65 percent of consumers are already familiar with biometrics.

The survey also discovered that 70 percent of consumers believe biometrics are easier, while 46 percent think they are more secure than using passwords or PINs. Visa said consumers were the most aware of fingerprint recognition, with 30 percent saying they have used it once or twice, and 35 percent of survey respondents saying they use it on a regular basis. About 32 percent of survey respondents said they use voice recognition, with only 9 percent using it regularly. Of the survey respondents, 50 percent said the top benefit of using biometrics is eliminating the need to remember multiple passwords or PINs.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.