The way we shop will continue to change in 2020 – with nearly 20 billion devices predicted to be online and new standards like Secure Remote Commerce making online purchasing easier and faster.
Visa says biometrics are poised to support this evolution with benefits to everyone — consumers making the purchase, retailers selling the products and financial institutions enabling the transactions.
According to a survey conducted by the financial services company, consumers prefer biometric authentication to traditional passwords.
Two-thirds of people the company surveyed, have used biometrics and view them as easier and faster to use than traditional passwords. The top three benefits include:
- No longer needing to remember passwords (42%)
- Improved security over passwords (34%)
- Not forgetting or losing an authentication method (33%)
Visa’s survey also showed that 68% of US shoppers have abandoned an online purchase due to forgetting a password, trouble logging in, or issues receiving a one-time passcode.
In addition, passwords are under constant threat from hackers, with 80% of data breaches involving compromised and weak passwords, according to the report.
More than half of credit cardholders who responded to the survey (53%) say they would switch banks if their current does not offer biometric authentication options.