Home / Knowledge / News / Information Technology / Europeans prefer to use biometrics to secure payment
Europeans prefer to use biometrics to secure payment
18
Jul '16
Courtesy: Visa
Courtesy: Visa
When making a payment, almost 73 % consumers across Europe prefer to use biometrics– especially when integrated with other security measures, according to a new survey by leading global payments technology company Visa.

They see two-factor authentication, where a biometric is used in conjunction with a payment device, as a secure way to confirm an account holder. It includes something you have, such as a card or a mobile device; something you are, such as a biometric; or something you know such as a PIN or password.

When looking at the range of different payment situations at home or on the high street, more than two-thirds (68%) of the 14000 respondents in seven European nations, said they wanted to use biometrics as a method of payment authentication.

Thus, online retailers have the most opportunity for gain as nearly 31% of people approached in the survey had abandoned a browser-based purchase because of the payment security process.

Biometric identification and verification has created a great deal of excitement in the payments space because it offers an opportunity to streamline and improve the customer experience, observed Jonathan Vaux, Executive Director of Innovation Partnerships at Visa Europe. “Our research shows that biometrics is increasingly getting recognition as a trusted form of authentication as people become more familiar with using these capabilities on their devices.”

He, however, pointed out that in scenarios where biometrics is the only form of authentication, it could result in a false positive or false negative because, unlike a PIN which is entered either correctly or incorrectly, biometrics are not a binary measurement but are based on the probability of a match.

Biometrics work best when linked to other factors, such as the device, geo-location technologies or with an additional authentication method. That's why it is important to take a holistic approach which considers a wide range of enabling technologies that contribute to a better end-to-end experience, from provisioning a card to making a purchase to checking your balance, he said.

While elaborating on the benefits of biometric authentication – a process that validates a person's identity by measuring an intrinsic characteristic specific to an individual such as fingerprints or iris patterns – Vaux said half of Europeans (51%) felt that biometric authentication for payments could create a faster and easier payment experience than traditional methods.

Also, 33% liked the fact that biometric authentication means that their details would be safe even if their device was lost or stolen.

Vaux observed that biometric forms of authentication offer significant opportunities to achieve the right balance between convenience and security, although they are not the sole answer.

The future will see a mix of solutions dependent on the purchasing situation. “By adapting our standards to recognise these technologies as valid forms of authentication now, we can help provide the environment for payments to continue to take place securely, conveniently and discreetly,” he said.


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Urmil Arya

Sushila International, a well established textile organisation established ...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search