Power of a Biometric Payment Card Demonstrated
March 12, 2019
A biometric payment card revolution has been speculated about for a while now, with both Mastercard and Visa exploring the technology. Such solutions would bring more biometric options for consumers in everyday life. And Mastercard has recently been demonstrating how such cards could make a difference in developing nations.
Mastercard’s biometric payment card
Mastercard released a demonstration video of biometric payment card systems in action. It focused on the how such systems could bring a host of benefits to developing nations. Biometric cards are seen as a way to improve financial inclusion, decrease fraud and help improve benefit distribution.
Such biometric cards store an encrypted template of a fingerprint on the card itself. That means only the owner of the card can use and authenticate the card during payment by placing their fingerprint on the card as it is used.
Crucially, if funds from a government’s benefits program are placed on the card, incidents of fraud can be reduced, ensuring only the person intended can use those funds.
Overall, a biometric system is easier for everyone involved, with no PIN codes to remember. And thankfully, the new system would work with existing hardware to take the payments.
Biometric Payment Card systems coming to UK?
The short video focuses on the impact biometric payment card systems could make in developing countries, but those security and convenience benefits are universal, and there has already been speculation in the last year, such systems could come to the UK.
Already, through solutions like ours here at BioStore, organisations can benefit from similar benefits in a closed internal environment. We use similar system to do access control and cashless payments for offices, schools and other organisations.
If Mastercard introduced cards with similar technology, those benefits we see in the private sector and organisations, could be seen in the public and commercial world too.