Mastercard which is the largest financial services organisation is in talks with the banks in U.K regarding an innovative launch of ‘credit cards with in-built fingerprint scanners’ to verify customer identity.
The president of global enterprise risk and security at Mastercard, Ajay Bhalla said, “The use of passwords to authenticate someone is woefully out-dated, with consumers forgetting them and retailers facing abandoned shopping baskets.”
He further adds, “In payments technology, this is something we’re closing in on as we move from cash to card, password to thumbprint, and beyond to innovative technologies such as artificial intelligence. It’s far easier to authenticate with a thumbprint or a selfie, and it’s safer too.”
Mastercard has chips embedded in hundreds of millions of credit as well as debit cards around the world. They process billions of transactions each year in more than 200 countries.
Replacement of passwords with fingerprint scanner in credit cards
This new technology is exclusive and latest in terms of development by Mastercard in biometric payments. Over the coming years, it will eliminate the use of passwords in credit cards. Fingerprint technology works in same way as it works in mobile phones i.e. users must have their finger over the sensor while making a purchase through these cards. Fingerprint is a feature which is naturally unique from person to person and more secure than a traditional card pin and passwords, having very low security.
The cards will include a digital template of the customer’s fingerprint and the sensor that is required to read their fingerprints at the point of any purchase. Shoppers just need to hold their thumb over the card to make any purchase. This technology is in trial stages in South Africa and will soon be released globally.
To enrol for this card, cardholders will need to register with their bank. After registration, their fingerprint will be converted into encrypted digital template and it will be stored in the card. Payment is possible only if the fingerprint of consumer matches with the stored template. It can be used in any pin machine in the world.