Time to say goodbye to PIN numbers as you know them, as biometric payments offer different alternatives to consumers wishing to pay for goods.
From withdrawing cash, to paying for a round of drinks, to paying for online, pretty soon you will be making completely “frictionless” transactions using your thumbprint, voice, retina and even heartbeat, according to Visa.
Recognised as one of the major players in the credit card industry, Visa is currently working with other parties in the payments industry on developing new standards for migrating from PIN to thumbprint and consumers could potentially see the technology enter the market place by the end of 2017.
According to a recent YouGov poll commissioned by Visa a few months ago, more than half of respondents (56%) stated they would be comfortable using their retina, thumbprint or voice to make a payment. Nearly half (45%) said biometrics were enticing for the aspect of being more secure than the current Chip and PIN method, and 41% favoured the idea of not having to remember a password or entering a PIN number.
But while more than a quarter (29%) would be happy to use an internet-connected device such as a virtual assistant or to make payments on their behalf, less than half (38%) said they would be willing to disclose their personal information in return for added convenience when it came to making a payment.
Moving Towards a Cashless Society
It is evident that society and customers are now becoming more and more tech-hungry and extremely savvy in terms of how to use that technology and the payment industry is steadily evolving.
Detailed Industry research suggests that 8 out of 10 people are using the same PIN across the majority of their payment cards and a recent report stated that in just over 3 years, the average individual will have more than 200 passwords they have to remember.
It must be remembered that any change will be gradual and won’t be hasty. Some are describing the introduction of biometric payments as an evolution, not a revolution.
The payments industry has seen an influx of new cryptocurrencies and marketplaces with trends such as bitcoin, devices and payments in recent times and that look set to continue in 2018 and beyond.
What are your thoughts on biometric payments? The team at Wireless Terminal Solutions would love to know your thoughts on it.