Consumers Welcome The Use Of Biometrics: Visa

On World Password Day, it’s timely to acknowledge the computer password is more than 50 years old. Despite some advancements since then, traditional authentication methods continue to frustrate even the most patient consumers when the info is forgotten, stolen or has to be typed onto tiny keyboards.

Advancements in authentication and anti-fraud tech are making legacy cardholder verification methods – such as signature and PINs – optional for most merchants and issuers (in October 2018, signatures became optional for EMV® Chip-enabled merchants on the Visa payment network due to the security capabilities of the chip).

As the ecosystem evolves to be more secure, Visa envisions a future where we can reduce or eliminate the use of legacy verification methods by leveraging AI and biometrics. These authentication methods fit the modern payment system – a system shifting in transaction volume from in-person to digital transactions.

A survey commissioned by Visa in 2017 showed consumers welcome the use of biometrics as faster, easier, and more secure alternatives to passwords. Eighty six percent of consumers were interested in using biometrics to verify identity or to make payments.. It’s been roughly 6 years since fingerprint sensors appeared on smartphones, and in this short amount of time, consumers have grown increasingly comfortable with the approach. The need for quick and easy authentication will only increase with the growth of digital products and services.

The survey is still very timely, thus making it worth a read.

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