Despite the fact that consumers remain tentative about the security of new biometric options, according to new research conducted by Paysafe, adoption continues to grow.
The research found that the vast majority of consumers (81 percent) trust password authentication for making online payments, yet 54 percent of British consumers said they have used biometrics to make a payment.
Additionally, 61 percent of consumers agreed that using biometric authentication when paying for goods and services is quicker and more efficient.
While 37 percent of consumers feel that biometrics are a comparatively secure authentication method, 66 percent of consumers said that they would be weary of the paying for goods or services without being asked for a password.
“Biometrics are a huge opportunity for the payments industry to combat the increasing risk of card-not-present fraud. However, it’s not surprising that there is reluctance among consumers to use biometrics as a form of payment authentication when passwords and PINs have been the central pillar of financial data security for at least 20 years,” said Daniel Kornitzer, chief business development officer, Paysafe Group, in a press release.
“News headlines are also dominated with fraud and hacking scandals so the public are aware of the risks involved when it comes to adopting new services. To overcome this, consumer education is imperative and with SCA coming in September, consumers will need to be aware of the benefits to ensure acceptance and adoption. We’ve lived in a password-driven world for many years now and consumers aren’t fully prepared to let go of what they know.”