Fingerprint authentication will be used for payments by more than three in five Australian consumers by 2025, according to new Mastercard research.
Australians are 56% more likely to use fingerprint authentication, followed by facial recognition (45%), retinal or iris scans (45%), then voice recognition (38%) for biometric payments.
Australians agree that cash will be the least-used method of payment by 2025, with digital wallets becoming the most commonly used product. Four in five Australians agree biometric payments means people can’t watch them enter or guess their pin or password, with a further 77% agreeing they don’t need to remember any PINs or passwords to use biometric payments.
Within the Asia Pacific market, Australia has one of the highest incidences of online fraud rates and card payment declines. Although there has been a slight decline in the growth of card-not-present fraud in Australia, it still accounted for 84.9% of all card fraud in 2018, with $488 million lost as a result.
Mastercard division president of Australasia, Richard Wormald said Mastercard is creating a future where all digital transactions are trusted and seamless for the entire ecosystem.
“This includes all forms of biometric payments – fingerprint, face, voice recognition and even new modalities, such as palm. Mastercard’s secure network, combined with advanced biometric and artificial intelligence technologies, is enabling merchants and issuers to both verify a consumer’s identity and deliver an unmatched consumer experience.”