Invest
Companies pointing towards fingertip payments
Pin codes could be a thing of the past as various body parts become commonly used for payments within the next five years, new research has found.
Companies pointing towards fingertip payments
Pin codes could be a thing of the past as various body parts become commonly used for payments within the next five years, new research has found.
The study commissioned by credit card giant Mastercard found that 56 percent of respondents are more likely to use fingerprint authentication, followed by facial recognition (45 percent), retinol or iris scan (45 percent), then voice recognition (38 percent) for biometric payments.
Australians agree that cash will be the least-used method of payment by 2025, with digital wallets becoming the most commonly used product.
Richard Wormald, Mastercard’s division president of Australasia, said: “Advanced biometric and artificial intelligence technologies is enabling merchants and issuers to both verify a consumer’s identity and deliver an unmatched consumer experience.”
As digital technology plays a greater role in our lives, people are beginning to adapt to the idea of biometrics, with 80 per cent of Australians agreeing that it is fast and really convenient.
Not only does biometrics help four in five Australians who can’t remember their PIN, Mastercard believes it will help cut down on fraud rates and card payment declines.
Although there has been a slight decline in the growth of card-not-present fraud in Australia, it still accounted for 84.9 percent of all card fraud in 2018, with $488 million lost as a result.
Solutions such as biometrics can reduce card-not-present fraud rates in Australia, as they have in countries where two-factor authentication is mandated.
Markets with regulatory mandates, such as India, have among the lowest fraud rates in the region. With the exponential growth of e-commerce globally, protections such as biometrics adapt to the ever-evolving digital climate, as they help secure consumers, businesses and banks.
Biometrics are one of the most secure and convenient methods of authentication – they replace the password with the person, and the user’s biometric data remains securely on their device.
“Secure networks, combined with advanced biometric and artificial intelligence technologies, is enabling merchants and issuers to both verify a consumer’s identity and deliver an unmatched consumer experience,” Mr Wormald concluded.
About the author
About the author
Cash
Tips to finding a middle ground between equities and term deposits
With record-low interest rates and a volatile sharemarket, mature Australians looking to protect their assets while maintaining their income are being driven to fixed-income products, an industry expe...Read more
Cash
What’s next for paper money?
How many times in the past week have you actually had to pull out your wallet to pay for something? And out of those times, did you actually go to use cash? ...Read more
Cash
Last rate day of the year revealed
The Reserve Bank of Australia has announced its decision on the official interest rate for December, following predictions of a hold. ...Read more
Cash
RBA hands down rate decision on cup day
The Reserve Bank of Australia has announced its decision on the official interest rate this month, following predictions of a potential cut to rates. ...Read more
Cash
RBA hands down rate decision for Budget day
The Reserve Bank of Australia has announced its decision on the official interest rate this month, following predictions of a potential cut to rates. ...Read more
Cash
New $100 banknote rollout a ‘big logistical exercise’
The Reserve Bank has announced a release date for its much-anticipated new $100 banknote. ...Read more
Cash
Big 4 banks forecast October rate cut
Two of Australia’s largest financial institutions believe the Reserve Bank of Australia will reduce rates on 6 October to help support the federal budget due out the same day. ...Read more
Cash
RBA open to new record-low rate
The Reserve Bank has flagged the possibility of a rate adjustment, albeit a small possibility, as the country recovers from the COVID-19 pandemic. ...Read more
Cash
Tips to finding a middle ground between equities and term deposits
With record-low interest rates and a volatile sharemarket, mature Australians looking to protect their assets while maintaining their income are being driven to fixed-income products, an industry expe...Read more
Cash
What’s next for paper money?
How many times in the past week have you actually had to pull out your wallet to pay for something? And out of those times, did you actually go to use cash? ...Read more
Cash
Last rate day of the year revealed
The Reserve Bank of Australia has announced its decision on the official interest rate for December, following predictions of a hold. ...Read more
Cash
RBA hands down rate decision on cup day
The Reserve Bank of Australia has announced its decision on the official interest rate this month, following predictions of a potential cut to rates. ...Read more
Cash
RBA hands down rate decision for Budget day
The Reserve Bank of Australia has announced its decision on the official interest rate this month, following predictions of a potential cut to rates. ...Read more
Cash
New $100 banknote rollout a ‘big logistical exercise’
The Reserve Bank has announced a release date for its much-anticipated new $100 banknote. ...Read more
Cash
Big 4 banks forecast October rate cut
Two of Australia’s largest financial institutions believe the Reserve Bank of Australia will reduce rates on 6 October to help support the federal budget due out the same day. ...Read more
Cash
RBA open to new record-low rate
The Reserve Bank has flagged the possibility of a rate adjustment, albeit a small possibility, as the country recovers from the COVID-19 pandemic. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
