Three quarters of Vietnamese consumers say biometrics are more secure than other forms of ID verification

Thursday, Dec 22, 2022 08:18

Consumers recognize the potential for biometrics to offer both security and convenience when making payments. — Infographic by Mastercard

More than three out of four Vietnamese consumers say using biometrics for identity verification (78 per cent) and payments (76 per cent) is more secure than using a PIN, password, or other forms of identification, according to the Mastercard New Payments Index 2022.

While the research finds a great deal of trust in the technology itself, perceptions around privacy are an issue, with nearly as many respondents (71 per cent) expressing concern about which entities would have access to their biometric data.

The latest data on payment habits, attitudes and preferences was published in Mastercard’s second annual New Payments Index, a global consumer survey spanning 40 markets across five regions, including seven in APAC: Viet Nam, Australia, China, India, Japan, New Zealand and Thailand.

According to the research, Vietnamese consumers have broadly positive opinions about biometrics, with 75 per cent agreeing that the technology is more convenient than using a card or other devices. At the same time, Vietnamese consumers are also using this form of verification more than the APAC average, with 76 per cent having used it to pay for a purchase in the past year, compared to 53 per cent of consumers across the region.

Despite this, 59 per cent of Vietnamese consumers used biometrics more frequently in the last year, demonstrating both an enthusiasm for the technology, and untapped potential if providers can properly address consumers’ misgivings about privacy.

“As electronic payments continue to gain traction in Viet Nam, Mastercard’s research points to even greater potential for biometrics, given that many consumers are using the technology despite being unsure about the stewardship of their data. If stakeholders across the payments ecosystem develop protocols and provide education to allay consumers’ fears, biometrics may well become the predominant way of verifying a user’s identity when making payments,” said Winnie Wong, Country Manager, Vietnam, Cambodia, and Laos, Mastercard.

When it comes to the types of biometrics that consumers in Viet Nam are using or plan to use, the research found comparatively high rates across the board compared to APAC averages, with the most popular being fingerprint (93 per cent vs 72 per cent in APAC), facial recognition (89 per cent vs 68 per cent in APAC), and voice recognition (79 per cent vs 59 per cent in APAC). — VNS

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