Companies have been testing new authentication technologies for day-to-day devices recently. However, none of them have really been as seamless and fast as the fingerprint. Perhaps taking from this learning, Mastercard today unveiled its new biometric card that can be used at all EMV (Europay, Mastercard and Visa) terminals.
The new card comes embedded with a chip for fingerprint verification. For the customer, it allows the card to never leave their hands, claims Mastercard. The company explains that instead of putting a pin, a customer can verify transactions by simply putting their finger on the embedded chip.
Further, Mastercard says that fingerprints will be enrolled by cardholders through their financial institution. Also, once enrolled the prints will be converted into an “encrypted digital template” and will be stored on the card itself. The cara also “works like any other chip card”.
For businesses, such a card creates no difficulty, since it works at all EMV terminals. These are the payment terminals that most businesses use already, meaning they will not have to spring for a new kind of payment system either.
The technology is currently being tested in South Africa, with Pick n Pay and Absa Bank. Mastercard is also planning to run trials in Europe and Asia Pacific in the coming months.