Biometric Banking Authentication for all MasterCard Customers By 2019
March 1, 2018
MasterCard has committed to a biometric banking authentication future, telling its partners it wants to be able to provide biometric solutions to all its customers by 2019, whether in store, online or on-the-go.
The benefit of biometric banking authentication and payments
MasterCard wants all banks and retailers to be able to offer their customers the chance to use biometric authentication when using MasterCard services. Primarily that will take the form of fingerprint and facial recognition technology.
Previous surveys have emboldened the company’s strategy, as well as trends from its rivals. For example, in a previous study, the company found that 92 per cent of banking professionals wanted biometric ID introduced and 93 per cent of customers would prefer the option over passwords.
For banks, fraud is reduced; for customers, convenience is increased; and for MasterCard and retailers, the likelihood of abandoned baskets when shopping online or on a mobile are decreased when payment authentication is incredibly simple.
Mark Barnett, president at MasterCard UK, said:
“Biometric technologies perfectly meet the public’s expectation for state-of-the-art security when making a payment. This will be of great benefit to everyone: consumers, retailers and banks. It will make the purchase much smoother, and instead of having to remember passwords to authenticate, shoppers will have the chance to use a fingerprint or a picture of themselves.”
Biometric banking authentication the tip of the iceberg
In a financial setting, biometrics are proving extremely popular because everyone understands the need for greater security. Biometrics allow for greater security without making life a hassle – in fact they make it simpler.
But it’s more than just financial settings that can benefit from this improved convenience and security for biometric authentication. Here at BioStore, we let organisations take advantage of a more secure biometric authentication every day. Our Identity Management solutions can run right throughout an office, allowing entry, catering, computer log-in and more, to all be accessed through the same one simple biometric authentication.
MasterCard wants biometric authentication for all its customers by 2019 – organisations who are fans of greater convenience and security, should perhaps look to do the same for their employees.