Europeans are interested in biometric payments – study

In the study of over 14,000 European consumers, the research reveals that discretion and familiarity with biometric forms are important factors for uptake. When looking solely at the perceived security of biometric technologies, 81% of consumers see fingerprints as most secure, followed by iris scanning (76%).

Nearly 73% see two-factor authentication, where a biometric is used in conjunction with a payment device, as a secure way to confirm an account holder. When looking at the range of different payment situations at home or on the high street, almost 68% want to use biometrics as a method of payment authentication. Online retailers have the most opportunity for gain as nearly 31% of people have abandoned a browser-based purchase because of the payment security process.

When looking at the benefits of biometric authentication, half of Europeans (51%) state that biometric authentication for payments could create a faster and easier payment experience than traditional methods. Similarly, 33% like the fact that biometric authentication means that their details would be safe even if their device was lost or stolen.

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).

With over 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.

Jonathan Vaux, Executive Director of Innovation Partnerships at Visa Europe said the 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.