Key facts
- Verifone is launching biometric payment technology in Australia.
- Payments can be made by scanning a face or palm-vein.
- The technology aims to speed up checkout processes.
- Biometric data is tokenized and managed by third parties, not stored by Verifone.
- Retailers must upgrade their payment terminals to implement the system.
Verifone, the company responsible for 300,000 Eftpos terminals in Australia, is introducing a new payment system that allows customers to pay by simply glancing at a screen or using palm-vein biometrics. This initiative aims to streamline checkout processes by eliminating the need for multiple taps of loyalty and payment cards.
Ben Hughes, Verifone's Head of Product for Asia Pacific, stated that the technology is designed to ease transaction friction. He anticipates that retailers will adopt the new Verifone Victa devices incrementally as their current terminals reach the end of their lifecycle. The successful rollout will also depend on the buy-in from banks and other organizations.
Verifone emphasizes that biometric data is converted into tokens on the device, meaning images are not stored by the company. Instead, biometric profiles are managed by merchants, banks, or digital wallet providers. Customers will retain the option to use traditional contactless payments via their cards or phones.
To address concerns about security and spoofing, Verifone has implemented measures to prevent unauthorized use of facial or hand biometrics. The company acknowledges potential customer apprehension but draws parallels to the initial wariness surrounding contactless payments, which are now widely adopted. Paris Tsounias, Verifone's Asia Pacific president, noted that over 90% of transactions are now contactless, with risks mitigated through various certifications and compliance measures.
Data from the Australian Bureau of Statistics indicates that card-related fraud losses amounted to $2.2 billion in the 2024-2025 financial year. However, nearly 78% of individuals who reported card fraud did not incur any financial loss due to reimbursements. The Reserve Bank of Australia has also observed a shift away from physical card payments, with tap-to-pay card usage declining from a peak of nearly 80% in 2022 to under 60% in 2025, while payments via devices like phones and smartwatches have risen to nearly 40%.