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.
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