Kiwis 'considerably' more likely to use biometric payments than Australians
Visa has today unveiled its latest biometrics research, revealing a growing appetite among New Zealanders for the use of biometric authentication in payments.
The Visa report, titled ‘Security, Speed and Simplicity: Why New Zealanders are adopting biometrics', analyses responses from 500 cardholders in New Zealand and 1000 in Australia, with the research showing New Zealanders are more familiar with biometrics than their neighbours across the Tasman Sea.
The report finds 64% of New Zealanders are familiar with biometrics and 68% have used fingerprint recognition. This is compared to 58% of Australians who are familiar with biometrics and 59% who have used fingerprint recognition.
The research also presents a stark difference in attitudes between the two nations when it comes to frequency of biometric transactions and the likelihood to engage in such payments.
New Zealanders are considerably more likely to have used biometric payment options in the past seven days (42%) compared to Australians (28%).
“New Zealanders see biometrics as a more secure and significantly faster and easier alternative to traditional authentication methods,” says Visa head of product for New Zealand and South Pacific Riaz Nasrabadi.
“These findings are important for New Zealand businesses wanting to grow sales and offer world-class customer experiences.
“In today's digital world, the importance of biometrics in securing commerce is paramount. Yet biometrics also have a key role to play in helping businesses to grow sales through enabling seamless customer journeys and reducing cart abandonment,” says Nasrabadi.
“For example, 73% of respondents said they've abandoned an online purchase after difficulty logging in, forgetting their password or not having a card with them.”
According to the Visa report, New Zealanders show a greater interest in biometrics when compared to their Australian neighbours across the Tasman Sea.
And more than half of New Zealanders who participated in the survey say they would switch banks (54%), payment card providers (53%) and mobile phone providers (52%) to access the technology.
Barriers to adoption still exist, however. New Zealanders are concerned about operational failure, cost and security leaks when it comes to using biometrics, citing a lack of education (41%) as the biggest inhibitor of increased uptake.
“The convenience of digital commerce, whether you're in-store paying with your mobile, in-app or online, is increasingly attractive to New Zealand consumers and businesses alike,” says Nasrabadi.
“As the trend towards digital continues, biometrics will be an increasingly powerful tool to enable innovative and secure customer solutions.”