Mastercard has announced a biometric card that combines chip technology with fingerprints to verify cardholder’s identity for in-store purchases. To use this biometric card, a cardholder can enroll card by simply registering with their financial institution such as banks.
Upon registration, their fingerprint is converted into an encrypted digital template that is stored on the card. Once it is done, it can be used at any EMV card terminal globally.
The biometric card works like any other chip card. You can swipe the card into a retailer’s terminal while placing your finger on the embedded sensor. The fingerprint is verified against the template and – if the biometrics match, you will be successfully authenticated and the transaction can then be approved with the card.
Mastercard says that authenticating a payment transaction biometrically such as fingerprint confirms in a very unique way that the person using the card is the genuine cardholder. This helps detect and prevent fraud, increase approval rates, reduce operational costs and foster customer loyalty.
Commenting on the introduction of new card, Ajay Bhalla, president, enterprise risk and security, Mastercard, said: 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.