Australia: Visa and Mastercard move credit card security towards biometrics

Many consumers have swapped swiping or inserting, for tapping their cards in payments, where the behaviour of entering a PIN and/or passcode may soon be a thing of the past. Late last year, Mastercard and Visa both announced plans to launch biometric authentication technology within Australia.

Visa believes that the technology is going to become more common amongst Australians within as little as a year.

According to RFi Group data, when choosing to make in-store payments, 3 in 4 transaction account holders rate convenience as the top consideration, closely followed by 56% rating security as the second consideration.

Biometric payments have been positioned as both a more secure and convenient method of authentication and there is the great possibility for it to overtake PINs altogether with a more secure two-step verification security process. When asked about future take-up of biometric payments, almost 1 in 4 transaction account holders have indicated they would be likely to try it.

The new technology is said to be used in conjunction with cards, which can be stored in a mobile wallet. The biometric card will be programmed with a securely stored template of your fingerprint, allowing convenient and secure card payments.

With the likes of Apple Pay, Samsung Pay and Android Pay becoming a popular method, there still hasn’t been rapid uptake, with traditional options such as card and cash still being more commonly used.

Upcoming Events
Australian Banking Innovation Summit 2020
Sydney, NSW, Australia
See all upcoming events
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance