Visa Survey Reveals Consumers Are Ready to Say Goodbye to Passwords
December 14 2017 - 08:00AM
Business Wire
Consumers welcome the use of biometrics as
faster, easier, and more secure alternatives to passwords
A new Visa survey of 1,000 Americans exploring awareness and
perceptions of biometric authentication confirms that consumers
continue to have a strong interest in new biometric technologies
that make their lives easier. New forms of authentication, such as
fingerprint, facial, and voice recognition, can make unlocking
accounts and payments much easier and more convenient than
traditional passwords or PINs - which are difficult to type onto
tiny keyboards, easy to forget, and can be stolen.
“For financial institutions, the time has never been better to
integrate biometric technology into banking apps and payments
experiences for customers,” said Mark Nelsen, senior vice president
of risk and authentication products, Visa. “Visa is investing in
the best ways to add these emerging technologies to our portfolio
of products and services. Advances in mobile device features are
increasing the accuracy and speed of biometrics, such that they can
be used for financial transactions. At the same time, consumers are
widely familiar and comfortable with using biometrics for more than
just unlocking their phones.”
To help financial institutions and merchants more quickly adopt
emerging biometric authentication solutions, the Visa ID
Intelligence platform provides a curated selection of leading
third-party authentication technologies. Visa clients can create,
test and adopt new authentication solutions with simple
integrations using Visa APIs and SDKs.
Authentication Survey Findings
According to the Visa study conducted by AYTM Market Research,
86 percent of consumers are interested in using biometrics to
verify identity or to make payments, and more than 65 percent of
consumers are already familiar with biometrics.i Seventy percent of
consumers believe that biometrics are easier and 46 percent think
they are more secure than using passwords or PINs. Findings from
the survey illustrate consumers’ desire to see the implementation
of biometric tools in payment authentication processes.
Highlights from the survey include:
- Consumers were most familiar with
fingerprint recognition, with 30 percent having used it once or
twice and another 35 percent using it regularly. By comparison,
about 32 percent have used voice recognition in the past and only
nine percent use it regularly.
- Seventy percent of respondents find
biometrics easier than passwords and 61 percent consider it faster.
Fewer than a third of consumers use unique passwords for each of
their accounts.
- Fifty percent of consumers responded
that the top benefit of using biometrics is eliminating the need to
remember multiple passwords or PINs, followed by 46 percent who
said that biometrics is more secure than passwords or PINs for
verifying identity.
- Forty-nine percent are concerned both
about the risk of a security breach of sensitive biometric
information and that biometric authentication won’t work well or
will take multiple tries.
Click here for more information about the survey.
About Visa
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of connected commerce on any
device, and a driving force behind the dream of a cashless future
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit usa.visa.com/about-visa.html, visacorporate.tumblr.com and
@VisaNews.
i Research conducted by AYTM Market Research, September 12-19,
2017, among 1,000 U.S. adult consumers who use at least one credit
card, debit card, and/or mobile pay.
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Visa Inc.Sandra Chu, 415-805-4124sanchu@visa.com
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