Today Mastercard unveiled what they claim to be the next generation of cards, which uses biometrics to ensure that contactless payments and other payments are even more secure with the addition of an inbuilt fingerprint reader.
The new card has been named the Biometric Card and has already been through testing by Mastercard in South Africa.
They are also already compatible with a range of EMV terminals around the world. To use it, a cardholder will register with their financial institution and then have their fingerprint converted into an “encrypted digital template” that is then stored on the card.
The user can then use this biometric data and the card at any EMV card terminal around the world when shopping and paying for items in stores. It works with any other chip card, however, there is a big difference, when paying via a contactless payment, the user will place the card on the retailer’s terminal while placing their finger on the sensor.
At this point the fingerprint provided will be verified against the template and then should the biometrics match, the cardholder will be authenticated and their transaction will be approved, making contactless payments much more secure.
Ajay Bhalla, president, enterprise risk and security, Mastercard said the following about it:
“Consumers are increasingly experiencing the convenience and security of biometrics, 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.”
You can read more about it at the source link below.