More than half of European consumers are keen on using biometrics as authentication for secure payments, Visa research has found.
As cybersecurity threats targeting the financial sector continue to rise and malicious hackers' techniques become bolder and more sophisticated, biometric technology is swiftly emerging as a promising solution to strengthen digital security and better secure payments.
According to a recent Visa study surveying over 14,000 consumers across seven European countries, including the UK, more than two thirds 68% of customers are interested in using biometric technology for payments.
Almost three-quarters consider two-factor authentication a secure way to securely confirm an account holder, especially when a biometric is used together with a payment device, such as mobile phone or a card reader.
"Biometric identification and verification has created a great deal of excitement in the payments space because it offers an opportunity to streamline and improve the customer experience," said Jonathan Vaux, executive director of innovation partnerships at Visa Europe, in a statement.
"It could result in a false positive or false negative because, unlike a PIN which is entered either correctly or incorrectly, biometrics are not a binary measurement but are based on the probability of a match.