Thursday, 20 April 2017
Mastercard's new credit card has built-in finegrprint sensor
Fingerprint sensors has become a common feature in smartphones nowadays. And now fingerprint scanning technology are coming to credit cards. Mastercard has introduced the world's first credit card with an integrated fingerprint scanner, that replaces pin code.
Mastercard has combined chip technology with biometrics to allow you to safely verify your identity more conveniently for in-store purchases. The card is equipped with the same fingerprint scanning technology used for mobile payments today and can be used at EMV terminals world-wide. The card also works with existing EMV card terminal infrastructure, and doesn't require any new hardware or software upgrades. The fingerprint sensor is positioned in the upper right corner of the card.
How does it work? A cardholder can enroll their cards by simply registering with their bank. Upon registration, their fingerprint is converted into an "encrypted digital template", which is stored on the card. Once done, the card can be used at ny EMV card terminal globally.
For making payment using the Mastercard's biometric card, the cardholder just have to dip the card into a retailer's terminal, while placing their finger on the fingerprint scanner. The fingerprint will be verified against the tempelate, and if the biometrics match, the cardholder is successfully authenticated and the transaction will be approved.
Mastercard says the new technology will help "detect and prevent fraud, increase approval rates, reduce operational costs and foster customer loyalty. Additionally, a future version of the card will feature contactless technology, adding to the simplicity and convenience at checkout."
Mastercard is testing the biometric card in South Africa, with two separate successful trials recently concluded with Pick n Pay and Absa Bank. The company plans to conduct trials in Europe and Asia Pacific in the coming months, and a full roll out later this year.