CARD PAYMENTS
Biometrics provide a fine balance between convenience and security . Recent research from GoCardless shows that nearly 70 % of consumers would abandon a checkout process if it was overly complicated , while 80 % would abandon the process if the security arrangements didn ’ t feel safe enough . This means biometrics can tick off two important boxes for consumers .
“ Businesses can enter this ‘ goldilocks zone ’ by providing consumers with the ability to make a payment using simple biometrics , such as fingerprint or facial recognition ,” GoCardless ’ Pat Phelan says . “ Most of the time this can be easily done , and on a device that payers use all the time such as a smartphone .
“ Looking ahead , we believe consumers will become even more interested in noncard payments that have extra security built in . One example is open banking payments , which have seen volumes nearly triple in just one year . These payments use bankgrade security , requiring consumers to log into their online banking platform – often with biometrics – before they can make a payment . This hurdle is much harder for fraudsters to overcome compared to entering stolen card details into a checkout . It makes open banking payments more appealing for fraud-conscious consumers .”
Biometrics is the future of card security , believes Dojo ’ s Frazer Harper : “ In a decade ’ s time , I see a world where biometrics such as a person ’ s face or their fingerprint becomes the
84 August 2023