A recent Visa survey showed that 68% of U.S. shoppers have abandoned an online
purchase due to forgetting a password, trouble logging in, or issues receiving a one-time
passcode. In addition, passwords are under constant threat from hackers, with 80% of data
breaches involving compromised and weak passwords, according to the 2019 Verizon Data
Breach Investigations Report.
The rise of biometrics. Biometric technologies rely on unique physical characteristics, such
as fingerprints or facial features to authenticate one's identity. Technology advancements
and changing consumer expectations for speed, convenience, and security indicate that
biometric solutions are the expected substitute for passwords. More than half of credit
cardholders (53%) say they would switch banks if their current one doesn’t offer
biometric authentication options.
Consumers are ready. Two-thirds of people Visa surveyed have used biometrics and view
them as easier and faster to use than traditional passwords. The top three benefits include:
No longer needing to remember passwords (42%)
Improved security over passwords (34%)
Not forgetting or losing an authentication method (33%)
The way we shop will continue to change in 2020 — with nearly 20 billion devices predicted
to be online and new standards like Secure Remote Commerce making online purchasing
easier and faster. Biometrics are poised to support this evolution with benefits to everyone
— consumers making the purchase, retailers selling the products and financial institutions
enabling the transactions.
While we wait to see what the market has to offer in 2020, today you can bring security and
comfort to your business and life with our biometric solutions.