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
RBA makes first cash rate call for 2022
The RBA has announced its first rate decision for 2022. ...Read more
Cash
Cash remains king for many Australians
Demand for banknotes remains high despite a decline in cash transactions. ...Read more
Cash
Interest rates to rise next year?
Commonwealth Bank has seconded Westpac’s predictions, forecasting that interest rates will rise well ahead of the RBA’s 2024 timeline. ...Read more
Cash
RBA makes latest official cash rate call
The Reserve Bank of Australia has made its May call on the official cash rate, with the economy said to be a long way from the conditions needed to precede a rate rise. ...Read more
Cash
RBA puts chatter of an earlier rate hike to rest
The Reserve Bank of Australia has put to rest chatter among investors that conditions for a higher cash rate could be met as early as next year, reaffirming its stance that the rate is “very likely...Read more
Cash
Australia tipped to go cashless by 2024
Australia is forecast to effectively go cashless in just three years, with three in 10 Aussies admitting that “going cashless would be great for the country”. ...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
Wrapping up an eventful 2021
Listen now
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
Cash
RBA makes first cash rate call for 2022
The RBA has announced its first rate decision for 2022. ...Read more
Cash
Cash remains king for many Australians
Demand for banknotes remains high despite a decline in cash transactions. ...Read more
Cash
Interest rates to rise next year?
Commonwealth Bank has seconded Westpac’s predictions, forecasting that interest rates will rise well ahead of the RBA’s 2024 timeline. ...Read more
Cash
RBA makes latest official cash rate call
The Reserve Bank of Australia has made its May call on the official cash rate, with the economy said to be a long way from the conditions needed to precede a rate rise. ...Read more
Cash
RBA puts chatter of an earlier rate hike to rest
The Reserve Bank of Australia has put to rest chatter among investors that conditions for a higher cash rate could be met as early as next year, reaffirming its stance that the rate is “very likely...Read more
Cash
Australia tipped to go cashless by 2024
Australia is forecast to effectively go cashless in just three years, with three in 10 Aussies admitting that “going cashless would be great for the country”. ...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
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
