Mastercard has announced a new credit card that will include a biometric fingerprint scanner.
The new technology is designed to improve security and convenience for customers, with users able to authorise payments using the fingerprint scan, rather than PIN and signature, reducing both the risk of fraud and inconvenience for consumers who will no longer need to memorise their cards’ PIN number.
The new card is expected to be launched in Europe and Asia later this year, with trials currently underway in South Africa.
When taking out a new credit card, users will have their fingerprint details scanned and digitally stored on the card. To ensure privacy and security, the details stored on the card would be destroyed if the card is cancelled or if someone else attempts to use the card.
This new card is compatible with any EMV terminal able to read a credit card chip, meaning merchants will not need to acquire any extra equipment or software to be able to accept the new card; although, it will not initially have contactless capabilities.
RFi Group’s data from the second half of 2016 shows that 43% of UK consumers would be likely (6+/10) to use biometric payments if they were made available.
RFi Group’s UK Payments Council data from the second half of 2016 shows that 43% of UK consumers would be likely (6+/10) to use biometric payments if they were made available, suggesting that a high proportion of the population is likely to try the fingerprint identification credit card from Mastercard when it hits the market.
Source: RFi Group UK Payment & Innovation Council H2 2016
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