Monday 19 January 2015 8:23 pm

Young bank customers keen for biometrics to replace passwords in finance

Banks’ younger customers are increasingly happy to use biometric security like fingerprints and facial recognition, rather than passwords when making payments or taking cash out of an ATM.Three-quarters of 16- to 24-year olds are comfortable with the technology, Visa Europe said today.One major factor is that 79 per cent believe it will be quicker than current security systems.Younger customers also believe biometrics will be more secure than traditional passwords.Seventy per cent want fingerprint scanners to verify their identity, followed by 39 per cent who want retinal scans and 27 per cent who want facial recognition.Of the new payment methods available to consumers, Generation Z is most keen on verification via fingerprint scanning. Nearly 70 per cent of 16- to 24-year olds say they want to use rather than passwords by 2020.The research surveys 2,088 young adults in November 2014.