A report by Visa showed that 60 per cent of Britons trust their banks to safely store biometric information including fingerprint, iris and facial recognition. However, just 33 per cent were happy for the government to access the same data.
When asked who they would be more likely to trust with biometric payments, 85 per cent said banks, 81 percent chose payment networks, 70 per cent said they would trust global online brands, and 64 per cent would trust smartphones.
A further 64 per cent of consumers are keen to start using biometric data as a method of payment authorisation.
“Banks have a tremendous opportunity in this payment revolution,” said Kevin Jenkins, UK & Ireland Managing Director at Visa. “From trialling voice recognition to behavioural biometrics for authentication, we’re already seeing banks – both high street and challenger banks, alike – making positive steps to adopt this technology in a variety of use cases.
“This consumer confidence in both authentication as well as the storage of their biometric data gives banks the perfect win-win scenario, enabling them to provide a service that the public wants which will also benefit the banks, themselves.”
Fingerprint recognition software was the most popular form of biometric payment, with 88 per cent of respondents viewing it as the most secure form of payment. Iris scanning was deemed secure by 83 per cent of people, but only 65 per cent were comfortable with facial recognition technology.