Digital payments firm Visa announced that a survey conducted on Indians, exploring their awareness and perceptions of biometric authentication confirms that while consumers continue to have a strong interest in new biometric technologies, almost 51 percent are concerned with the risks associated with security breach of sensitive biometric information.
According to the Visa study conducted on 500 Indians by AYTM Market Research, only 48 percent perceive biometric authentication for payments as more secure than passwords/PINs and 46 percent consumers have a peace of mind of their payment protection.
This comes at a time when there are data security related concerns have been raised about Aadhaar.
However, it points out that 99 percent are personally interested in using at least one biometric method to verify their identity, and 99 percent are interested in using at least one biometric method to make payments.
Highlights of the survey:
It added that higher income consumers are more interested than lower income consumers in facial recognition. Younger consumers (36 and under) are more interested than older consumers in vein pattern recognition. Findings from the survey illustrate consumers’ desire to see the implementation of biometric tools in payment authentication processes.
TR Ramachandran, Group Country Manager, Visa, India & South Asia, Visa, said, “The payments ecosystem is witnessing a rapid change in adoption of new form factors of payments and modes of authentication. For financial institutions, the time has never been better to integrate biometric technology into banking apps and payments experiences for customers.”
Today smartphones have advanced features increasing the accuracy and speed of biometrics, such that they can be used for financial transactions. “Indian consumers too have discovered the ease of biometric authentication and are open to using this technology for transactions going forward, which augurs well for the Indian payments industry,” he added.