Survey: Consumers want more biometric payment options
A survey of 1,002 U.S. adults by eye-scanning biometrics security firm EyeVerify found that about 79% want more biometric authentication methods beyond fingerprint authentication to access mobile banking or payment apps.
The Retail Banking Biometrics Confidence Report also found that 42% said they wouldn’t use a banking or payment app that doesn’t offer biometric authentication. About 86% agree that biometrics makes logging into apps easier than typing in a password.
“Most people use some form of biometrics every day, but they want more opportunities to use it to make their lives easier and more secure. Banks and payment providers have a huge opportunity right now to build brand trust by giving customers the user experience they want,” Toby Rush, CEO and Founder of EyeVerify said in a statement. “Those who are investing in biometrics authentication will be able to increase customer usage and reduce risk at the same time.”
This is one of those surveys whose findings very neatly fit the ambitions of the company that conducted it, but even acknowledging that, there are some good insights that companies with mobile payment apps or mobile banking apps can take away.
EyeVerify surveyed people who specifically have used biometric authentication while using mobile financial apps, including payment apps, within the last 12 months. That means they have shown themselves to be engaging in mobile commerce, making them a highly desirable group of users for retailers and providers of mobile payment apps. It also means they have an understanding of and comfort level with biometric security features, most likely fingerprint authentication.
Companies in the mobile commerce ecosystem are going to have to move fast to keep this particular type of user satisfied. Global e-commerce juggernaut Alibaba was pretty quick to realize this, as it acquired EyeVerify last September. Apple also reportedly has been working on eye-scanning technology to be integrated into a future model of the iPhone, and that could be used with Apple Pay. Originally, that capability sounded like it would come out sometime next year, but if the reports are true, the timing appears to have been accelerated. (We're also guessing some Apple Pay users were among those EyeVerify surveyed, since they already can use fingerprint-based TouchID to authenticate and may be chomping at the bit for something new.)
A couple of other interesting data points from the survey: About 78% of respondents agreed that mobile apps with biometrics are more secure than apps that don’t use it, and 82% said biometrics are more secure than passwords for mobile banking and payment transactions. Taking this data into account, mobile payment providers that aren't enabling some form of biometric authentication may want to start.