CIO & LEADER-Issue-10-January 2018 (1)

Insight
VVisa have announced a survey, conducted on Indians
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.
“The payments ecosystem is witnessing a rapid change
in adoption of new form factors of payments and modes of
authentication. For financial institutions, the time has never
been better to integrate biometric technology into banking
apps and payments experiences for customers,” said TR
Ramachandran, Group Country Manager, Visa, India &
81% of consumers
sweepingly perceive that
biometrics are faster
than passwords
South Asia. “We are excited with the increased popularity
of biometrics across Indian consumers. Today smartphones
have advanced features increasing the accuracy and speed of
biometrics, such that they can be used for financial transactions.
Indian consumers too have discovered the ease of biometric
authentication and are open to using this technology
for transactions going forward, which augurs well for the
Indian payments industry.”
Authentication Survey Findings
According to the Visa study conducted of 500 Indians by
AYTM Market Research, 99% are personally interested in
using at least one biometric method to verify their identity,
and 99% are interested in using at least one biometric
method to make payments. Higher income consumers are
more interested than lower income consumers in facial
recognition. Younger consumers (36 and under) are more
interested than older consumers in vein pattern recognition.
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 32% having used it once or twice and another
63% using it regularly. By comparison, about 48% have
used voice recognition in the past and 26% use it regularly.
The top benefits associated with using biometric authentication
for payments are the perception that it is more secure
than passwords/PINs (48%) and that it gives consumers
peace of mind that their payment is protected (46%).
Indian consumers overwhelmingly perceive that biometrics
are faster (81%) and easier (84%) than passwords.
51% are concerned both about the risk of a security breach
of sensitive biometric information.
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
January 2018 | CIO&LEADER
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