Beijing UNPOS Intelligent Technology Co., Ltd.
Nearly nine in 10 Kiwis (88%) want to use biometrics to authenticate their payments, with the convenience of not having to remember their password or PIN considered the top benefit1, according to new research by Visa.
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.
Visa’s research also found that only a third of Kiwis (29%) use a unique password or PIN for their various accounts2, signaling the potential for biometrics to make their lives easier, and payments more secure.
Addressing the future of payments security, Visa today publicly launched the Visa Future of Security Roadmap (‘the Roadmap’), which sets the direction for New Zealand payments security from 2018 to 2020, and beyond. Comprised of five initiatives, the Roadmap will ensure security continues to evolve at the same pace as innovation.
Marty Kerr, Visa’s Country Manager for New Zealand and South Pacific, says the biometric authentication initiative outlined in the Roadmap signals a big step forward for mobile payments. The initiative sets standards that, once met by device manufacturers, enable biometrics to be used as the primary form of authentication at the point of sale.
“For the first time, our biometrics authentication standards effectively substitute the need for a PIN on purchases over $80,” says Kerr. “This means that if a device meets Visa’s new standards, we believe its biometrics reader is as secure as entering a PIN on a merchant’s terminal.
“Five years ago, the idea that entering a PIN could become a rare experience would have been almost unbelievable. Yet Kiwis are demanding more innovative ways to pay, and security needs to move at the same speed.”
The other initiatives in the Roadmap include: 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 e-commerce 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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