Three Quarters of Consumers in Vietnam Say Biometrics Are More Secure Than Other Forms of ID Verification – Mastercard Research

More than three out of four Vietnamese consumers say using biometrics for identity verification (78 percent) and payments (76 percent) 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 percent) 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: Vietnam, Australia, China, India, Japan, New Zealand and Thailand.

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

Despite this, 59 percent 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 Vietnam, 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 Vietnam 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 percent vs 72 percent in APAC), facial recognition (89 percent vs 68 percent in APAC), and voice recognition (79 percent vs 59 percent in APAC).

B.H (Vietnam Business Forum)