Biometric authentication is key to future payments in Australia, according to new survey results from financial services technology global leader, Worldpay from FIS.
Nearly one-fifth (17%) of Australians are interested in using a microchip in their hands to make payments easier, according to the Generation Pay report, which highlights the differing payment trends and attitudes to finance across five generations around the globe.
Biometric technology is set to rise exponentially, with these payment methods becoming more popular amongst younger generations. 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 one-quarter (23%) of Australians are already using or are interested in making voice payments. Convenience is key when it comes to consumers embracing new ways to pay, with 40% keen to have voice in-car payment solutions to make payments while driving, and this rises 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, with 40% of Millennials likely to purchase something over $1,500 with a BNPL service.
Worldpay Merchant Solutions FIS general manager for global ecommerce – Asia Pacific, Phil Pomford said Australians are usually on the front foot when it comes to adopting emerging payment trends and there has already been 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,” he said.
“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 to appeal to tech-savvy, digitally-driven consumers.”