The main benefit cited by the users is the convenience of not having to remember their password or PIN. The research also found that only a third of Kiwis (29%) use a unique password or PIN for their various accounts, signalling the potential for biometrics to make their lives easier, and payments more secure.
Moreover, Visa has announced new biometrics payments standards to enable more mobile payments at the point of sale. Biometrics include fingerprints, retina, voice and face scans and can be used to authenticate payments made via a mobile or wearable device, increasing convenience for customers by fast tracking traditional methods such as PIN.
Addressing the future of payments security, Visa launched the Visa Future of Security Roadmap, which sets the direction for New Zealand payments security from 2018 to 2020, and beyond.
Other initiatives included in the Roadmap are: tokenisation, a process which removes sensitive data from the payments ecosystem and replaces it with a unique digital identifier (a ‘token’); 3-D Secure 2.0, an ecommerce authentication and fraud detection tool; minimum standards for payments innovation; and a goal to achieve 100% EMV chip acceptance, meaning every consumer and merchant can benefit from the security layers provided by this technology.
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