Mastercard has announced the next generation biometric card with a built-in fingerprint reader that users can use to authenticate every purchase biometrically. The new card builds on fingerprint scanning technology similar to the iPhone’s Touch ID. Amazingly, the new card is just as thin as your current credit and debit cards.
Authenticating a payment transaction using a fingerprint confirms in a very unique way that the person using the card is the genuine cardholder. By building fingerprint scanners directly into the cards, Mastercard hopes to prevent fraud, reduce operational costs, and foster customer loyalty.
“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.”
Mastercard initially starts the trials of its “next-generation biometric card” in South Africa. Additional trials are being scheduled in Asia and Europe later this year. A future version of the card will also feature contactless technology, adding to the simplicity and convenience at checkout. Merchants can easily maximize the shopping experience delivered to their customers, as the card works with existing EMV card terminal infrastructure and does not require any new hardware or software upgrades.