Nine in 10 Singaporeans interested in biometrics authentication and payments
Singaporeans are interested in using biometric methods to verify identity (97 per cent) and make payments (96 per cent), recognising that biometrics are faster, easier and more secure than traditional passwords, according to a recent Visa survey on biometric authentication for payments.1
In fact, more than half of the respondents have already used at least one form of biometric authentication including fingerprint recognition (88 per cent), facial recognition (56 per cent), iris scanning (50 per cent) and voice recognition (49 per cent). Among the range of biometric solutions, consumers were most familiar with fingerprint recognition, with 51 per cent of them using it regularly.
Mandy Lamb, Group Country Manager, Regional Southeast Asia for Visa, said, “Singaporeans are early adopters of technology and many of them already have experience with biometrics authentication. With the proliferation of biometric authentication solutions used by mobile providers and banks, Singaporeans recognise the value these new technologies bring to their everyday lives. As the country continues its Smart Nation journey, we believe more people will start to adopt biometric authentication.”
Currently, one in five Singaporeans use fingerprint authentication or facial recognition from their respective banks or mobile phone providers. For those who have not used biometric authentication, 91 per cent stated that they would be likely to use fingerprint or facial recognition authentication from their banks in future.
More than half (55 per cent) of the respondents agree that the use of biometrics eliminates the need to remember and key in multiple passwords, and PINs, for their respective accounts. Forty one per cent said that biometric authentication is more secure compared to passwords and PINs as they can better confirm individual identities.
Singaporeans believe that fingerprint recognition is the most desired biometric authentication, followed by eye scanning and facial recognition for both online payment and in-store purchases. For online payment authentication, Singaporeans are keen to use it for large purchases (more than $100) and small purchases (under $100), and transfer of funds to family. The preference is similar for in-store purchases, including using biometric authentication to pay for a meal at the bar or restaurant and buy tickets for transportation.
1 The survey titled “Biometrics in Payments: Singapore” was conducted by AYTM Market Research, from October 27 to November 7, 2017. Respondents consisted of 500 adult consumers in Singapore who used at least one credit card, debit card and/or mobile pay.
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit, or set rates and fees for consumers. Visa's innovations; however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit www.visa.com.sg