Huge Preference for Biometric Payment Solutions Shown in UAE
April 12, 2018
A VISA survey has shown just how popular biometric payment solutions can be. In the United Arab Emirates, 98 per cent of customers in a survey indicated that they want to use biometrics for payments in the future. All over the globe, the benefits of biometric solutions are being recognised.
Most preferred biometric payment solutions?
Not only did a huge number of customers indicate they wanted to use biometric payment solutions in the future, but 82 per cent actually said they felt strongly enough about it that they would switch credit or debit card provider in order to benefit from biometric payments.
Those interviewed highlighted the speed and ease of biometric solutions. Some 79 per cent said they were an easier authentication method and 77 per cent said they were faster. As it stands, fingerprint scanning is the preferred and trusted method, with 69 per cent saying it would be their first choice, but 56 per cent said they were open to eye scanning too.
Head of Risk at Visa for the Middle East and North Africa, Neil Fernandes said:
“For the payments industry, now is the time to integrate biometric technology into banking apps and customer payments experiences, particularly given more than three quarters of consumers cited they would likely switch away from companies that do not.
“There is an opportunity for the UAE payments industry to deliver biometric authentication that benefits consumers, issuers, acquirers and merchants while offering the right balance of convenience and security.”
The security of biometric payment solutions
Mr Fernandes is right, biometric payment solutions do provide a balance between convenience and security. That message needs to be better signalled to consumers however. While those in the survey indicated they believed biometrics were better for ease and speed, only 45 per cent felt they provided better security.
In well implemented and thought-out biometric solutions, security is the main benefit that comes first. For users and merchants, biometrics should ensure security and eradicate fraud.
At BioStore, we allow organisations to provide biometric payment solutions to their employees in the workplace. Using our secure and reliable Identity Management system, staff can get their lunch from an office canteen with a simple scan of a fingerprint. It’s easier and faster for staff, but we never lose sight here at BioStore, that it is the superior security and reliability that needs to come first.
Our system uses a secure encrypted template method for fingerprint biometrics. It provides a reliable and fast system, without compromising user’s privacy. Convenience and security in one solution is not easy to deliver, but with BioStore’s solutions and expertise, it can be achieved for organisations.