Tuesday, 17 November 2020 22:15

Biometrics & microchips part of Australia’s payments future: survey

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Biometric authentication is key to future payments in Australia, according to a new survey which reveals that nearly a fifth - or 17% - of Aussies are interested in using a microchip in their hands to make payments easier.

The Generation Pay report by global financial services technology provider Worldpay Merchant Solutions at FIS, forecasts that biometric technology is set to rise exponentially, with these payment methods becoming more popular amongst younger generations. 

And globally, Gen Z consumers are the most interested in these new payment forms, with 69% already using or interested in using biometric authentication to authorise a payment.

The report also reveals that almost a quarter (23%) of Australians are already using or are interested in making voice payments, with convenience key when it comes to consumers embracing new ways to pay, with 40% of Aussies keen to have voice in-car payment solutions to make payments while driving, with this rising to almost 60% for Gen Z and Gen Y consumers.

Mobile wallets are also becoming ubiquitous, with over 70% of Gen Z respondents either using or interested, “this payment method will soon reach a tipping point”.

Buy Now, Pay Later (BNPL) is also shown to be highly favourable with younger generations. Forty percent of Aussie millennials said they are likely to purchase something over $1500 with a BNPL service.

And across the globe, for the three youngest generations, between half (51%) and two thirds (67%) have purchased something off social media.

The research also reveals that younger generations are more comfortable with taking financial risks and taking on debt that they can pay overtime, while they are also more open to risker investments.
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Phil Pomford, General Manager for Global eCommerce, APAC, Worldpay Merchant Solutions, FIS, said “Australians are usually on the front foot when it comes to adopting emerging payment trends and we have already seen a huge uptake in biometric payment trends like fingerprint sensors and facial recognition technology.”

“This is really just the beginning and we anticipate that further innovations in this area including, voice-activated commerce, will continue to become more widely adopted by the mainstream public.

“Convenience is king to today’s consumer, particularly the younger generations, who are more likely to adopt new and emerging technologies trends if it means they are rewarded with some level of convenience in return.

“For retailers and merchants to thrive in the future, they need to consider broadening they payment offering in order to appeal to tech-savvy, digitally-driven consumers.”

Market comparisons on sample key findings Australia

17% - are interested in putting microchip in hand: 25% (genZ) 24%(genY) 16%(genX) 7%(baby boomers) 8%(beyond boomers)
30% - are interested in in-car payment integration: 42% (genZ) 43%(genY) 29%(genX) 10%(baby boomers) 22%(beyond boomers)
35% - likely/highly likely to use BNPL product to make purchase under $375
31% - likely/highly likely to use BNPL product to make purchase between $375-$1500
27% - likely/highly likely to use BNPL product to make purchase over $1500

China

49% - are interested in putting microchip in hand: 41% (genZ) 49%(genY) 59%(genX) 47%(baby boomers) 17%(beyond boomers)
53% - are interested in in-car payment integration: 52% (genZ) 60%(genY) 47%(genX) 53%(baby boomers) 62%(beyond boomers)
82% - likely/highly likely to use BNPL product to make purchase under 1500 Yuan
73% - likely/highly likely to use BNPL product to make purchase between 1500-7000 Yuan
55% - likely/highly likely to use BNPL product to make purchase over 7000 Yuan

USA

15% - are interested in putting microchip in hand: 22% (genZ) 18%(genY) 21%(genX) 5%(baby boomers) 5%(beyond boomers)
31% - are interested in in-car payment integration: 43% (genZ) 40%(genY) 29%(genX) 21%(baby boomers) 12%(beyond boomers)
44% - likely/highly likely to use BNPL product to make purchase under $250
43% - likely/highly likely to use BNPL product to make purchase between $250-$1000
31% - likely/highly likely to use BNPL product to make purchase over $1000

UK

15% - are interested in putting microchip in hand: 22% (genZ) 17%(genY) 11%(genX) 12%(baby boomers) 6%(beyond boomers)
31% - are interested in in-car payment integration: 46% (genZ) 38%(genY) 27%(genX) 22%(baby boomers) 10%(beyond boomers)
30% - likely/highly likely to use BNPL product to make purchase under 250GBP
32% - likely/highly likely to use BNPL product to make purchase between 250-1000GBP
35% - likely/highly likely to use BNPL product to make purchase over 1000GBP


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