Indian consumers found biometrics safer than passwords. As per a survey conducted by digital payments company Visa, even after the fear of security breaches, the majority of the Indian consumers are readily adopting for different biometric means such as fingerprint, facial, and voice recognition, to verify identity as well as to make payments.
According to this survey, which was mainly focused on exploring the awareness and perceptions of biometric authentication in India, also revealed that consumers mainly opt for biometrics for various reasons. Primarily, unlocking accounts and payments become 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 as well.
However, the survey also depicts the concern of 51% of these users who have raised concern about the risk of a security breach of sensitive biometric information. Biometric information means a photograph, fingerprint, iris scan, or other biological attributes of an individual.
To this, T.R.Ramachandran, group country manager, Visa (India & South Asia) stated that “The payments ecosystem is witnessing a rapid change in the 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”.
The study, which was conducted on a sample size of 500 Indians by AYTM Market Research, stated that 99% are personally interested in using at least one biometric method to verify their identities and using at least one biometric method to make payments.
Ramachandran also added that these days smartphones have advanced features for increasing the accuracy and speed of biometrics. So, the same might as well be used for financial transactions.