New EU regulations scheduled to come into force in September 2019 will cause a significant increase in the use of biometrics to verify online payments, Mastercard predicts.
Visa has unveiled Visa ID Intelligence, a platform that enables issuers and merchants to swiftly adopt new authentication technologies to create more secure ways for consumers to complete digital transactions.
Nearly three quarters of millennials believe facial recognition technology will be effective or very effective in providing biometric authentication, a study by payments consultancy Aite Group revealed.
Consumers in the East are more likely to adopt biometrics than those in the West, according to HSBC’s Trust in Technology report.
The number of mobile payments authenticated by biometrics will increase to nearly $2 billion this year, up from $600 million in 2016, according to research from Juniper Research.
MasterCard users could soon be using their fingerprints to verify their purchases.