SmartMetric, Inc. reports the top benefits associated with using biometric authentication for payments in the mind of consumers are that it eliminates the need to remember multiple passwords/PINs (50%) and perceptions that it is more secure than passwords/PINs (46%).
Nearly half of credit and debit card users say in a survey conducted by AYTM of active payments users, they perceive biometrics used in the payment process is more secure than passwords. Even more think that using biometrics to make a payment is beneficial because it does away with the need to remember multiple passwords or PINs.
Ranked in accordance with importance are the benefits consumers see in using biometrics in payments using their credit or debit card.
- Would eliminate the need to remember multiple passwords and PIN numbers
- Is more secure than passwords and PIN numbers because they confirm my identity
- I can’t forget/lose my authentication method
- Would mean my details and accounts are safe even if my smartphone or computer is stolen
- I can pay anywhere/anytime because the authentication method is a part of me
- Biometric authentication is easier/less of a hassle than entering a password or PIN number
- Using biometric authentication would give me peace of mind that my payment is protected
"This consumer research is in-line with consumer research commissioned by us which shows nearly 70% of card using consumers would pay for a biometric credit card because of the perceived added security that biometrics brings," said SmartMetric’s President and CEO, Chaya Hendrick.
