MasterCard has revealed a fingerprint sensor in its new payment card. This biometric system will make financial transactions a cinch.
MasterCard released its biometric card for the next generation today. This card mixes together microchip technology with fingerprint sensors in order to safely and securely assure the card holder’s identity for whatever purchases he or she makes. This nascent technology is being tested for the first time in South Africa. There were two separate tests with Pick n Pay and Absa Bank.
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This new card builds on fingerprint technology. It can be used for mobile payments at EMV terminals on a global level. The consumer base is busy experiencing the facilitation and solid security afforded thanks to biometric technology.
Whether it is opening a smartphone or making an online purchase, the fingerprint technology makes a whole lot possible in a jiffy. It is a technology that cannot be matched and this provides iron-clad security to cardholders.
“Consumers are increasingly experiencing the convenience and security of biometrics,” said Ajay Bhalla, president, enterprise risk and security, Mastercard.
“Whether unlocking a smartphone or shopping online, the fingerprint is helping to deliver additional convenience and security. It’s not something that can be taken or replicated and will help our cardholders get on with their lives knowing their payments are protected.”
A cardholder just has to enroll their card by registering with a financial institution. Via registration, the fingerprint of this individual is converted into an encrypted digital code. This is stored on the card. This card is then ready to be used at any EMV outlet anywhere in the world.
This biometric card is the same as any other credit card. The cardholder just has to dip the card into a retailer’s terminal and place his or her finger on the emblazoned sensor. Verification is a cinch and once authenticity is established the transaction can proceed without further delay.
This is an ideal and most genuine way to confirm the identity of the partaker in the transaction. Merchants can easily use the card to get their jobs done in a matter of minutes. This card does not require anything new in matters having to do with hardware or software.
This technology prevents any fraud from taking place. Also it has high approval ratings. Operational costs are slashed and clientele trust is cemented via this technology.
A contactless version of this technology will add to the efficiency and reliability of the method in the future. The trials taking place in South Africa will prove the mettle of this method.
MasterCard is a giant technology company specializing in global money transactions. Payments, financial acts and mercantile principles are a part of this company’s repertoire. The conglomerate provides solutions to many problems and is a recognized global brand.
Richard van Rensburg, deputy CEO of Pick n Pay, said, “We are delighted that this innovation has been trialed for the first time at Pick n Pay stores in South Africa. Biometric capability will mean added convenience and enhanced security for our customers. The technology creates a platform on which we can further our strategy of personalizing the shopping experience in a meaningful way. We have been extremely impressed with the robust and secure nature of the technology.”
“We are very proud to be the first bank in Africa to test – in a real payment environment – the single-touch authentication technology that will unlock the benefits of biometrics,” said Geoff Lee, head of card and payments at Absa Retail and Business Banking.
“The technology will effectively enable our customers to rely on their unique fingerprints to make payments in a face-to-face environment. Following the test period, we will make it available to our customers in a way that is affordable, reliable, and convenient and, most importantly, extremely secure.”
MasterCard plans additional trials for Europe and Asia Pacific in the coming months.