Visa has published a “Future of Security Roadmap” saying it sets the direction for New Zealand payments security from 2018 to 2020, and beyond.
The roadmap details five initiatives that, Visa says, will ensure security continues to evolve at the same pace as innovation.
To coincide with the roadmap’s publication Visa has released the results of a survey saying it shows that 88 percent of New Zealanders want to use biometrics to authenticate their payments, to avoid having to remember a password or pin.
Biometrics was one of several initiatives detailed in the roadmap identified as being key to future payments options.
Biometrics include fingerprints, retina, voice and face scans and can be used to authenticate payments made via a mobile or wearable device, increasing convenience for customers by fast tracking traditional methods such as PIN.
Visa’s country manager for New Zealand and South Pacific, Marty Kerr, said the biometric authentication initiative outlined in the Roadmap signalled a big step forward for mobile payments.
‘The initiative sets standards that, once met by device manufacturers, enable biometrics to be used as the primary form of authentication at the point of sale,” he said.
Kerr said Visa’s biometrics authentication standards now enabled biometrics to be used instead of a PIN for purchases over $80. “This means that if a device meets Visa’s new standards, we believe its biometrics reader is as secure as entering a PIN on a merchant’s terminal.”
According to the roadmap, the consumer device cardholder verification method (CDCVM) supports biometrics allowing accountholders to self-validate transactions using their mobile phone or other device.
“CDCVM captures the cardholder verification method (CVM) on a mobile payment device, allowing a customer to verify quickly and securely that they are the legitimate user,” it says.
It adds: This is an exciting addition to secure the future of commerce. Visa is not selecting or actively promoting a single type of biometric, but we are working with industry associations such as the Fast Identity Online (FIDO) Alliance and EMVCo to certify products for biometric authentication.”
EMVCo is a body created to facilitate worldwide interoperability and acceptance of secure payment transactions. It has six member organisations — American Express, Discover, JCB, Mastercard, UnionPay and Visa — and is supported by numerous associate members including banks, merchants, processors, vendors and other industry stakeholders.