Biometrics are payment features that over 62% of millennials in New Zealand are asking for in 2017. Visa New Zealand has just released survey results from 2016. Young adult Kiwis were asked how they’d prefer to pay for things like food or travel.
Convenience and Brand Loyalty
Part of the appeal of Biometrics is that consumers don’t need to worry about losing their cards. Kiwis also don’t want to have to worry about forgetting their PINs if biometrics are introduced in daily routines. The new technology may also improve the overall loyalty of millennials to certain brands.
Around one in five millennials said they have no brand loyalties, according to Visa New Zealand. The survey also revealed how important technology is for Kiwis. Nearly 75% said they prefer using smartphones. The country manager for Visa New Zealand, Marty Kerr, thinks that retailers should meet the needs of younger markets.
What are Biometrics?
Biometric technology uses fingerprint or retinal scanners to secure technology like smartphones. Retina scanners ‘read’ your eye, which makes stealing identities virtually impossible. Many top smartphone brands allow users to register their thumbprints to unlock their phones.
Failsafe passwords or PINs allow users to bypass biometrics if there is an error. For payment systems, scanning eyes might be the easiest way to pay.
Retina scanners could also be the ‘cool factor’ needed to draw in younger consumers. However, as Samsung recently found out with the Galaxy 8, biometrics still have a few kinks to work out. In their case, the facial recognition software could be tricked into unlocking the phone with a printed out selfie. Overall, biometric technology could work, if retailers made ensure that there are safety measures in place.
Biometrics Going Forward
Though New Zealand is a little ways away from using biometrics in everyday life, it’s possible that retailers will listen to demand. More biometric payment options could give millennials the convenience needed to go about their daily lives easily. However, if you already gamble on your smartphone, you could already approve payments with a thumbprint. Mobile casinos may be some of the first to introduce this form of approval.
Android users with their card details saved on the Play Store can already make payments with their fingerprint. That is if their Android phone supports fingerprint scanning like the Sony Z5 or X, or the Samsung Galaxy 8. Hopefully, this feature will soon be available on more than mobile casinos and games.