MasterCard Commits to Biometrics for All by 2019
February 8, 2018
Financial services giant, MasterCard, has announced lofty ambitions to provide biometrics to all its customers by 2019. Whether paying online or in-store, the company wants customers to be able to make payments quickly and securely using biometrics.
Meeting the biometric demand
According to MasterCard and its research, it is customers, banks and retailers who will benefit from biometric solutions. The company said the vast majority of customers, 93 per cent, prefer biometrics to other authentication methods like passwords. Additionally, it also said 92 per cent of banking professionals in a survey backed biometrics. And finally, the company said that for online retailers, biometric authentication could help solve the problem of abandoned baskets.
Javier Perez, President of Mastercard Europe, said:
“Biometric technologies perfectly match consumers’ expectations of getting the secure payment solutions of tomorrow, in line with the increased digitalization of lifestyles. This can significantly benefit consumers, retailers and banks by improving the purchase experience and better securing the transaction.”
What can customers expect?
Users of Mastercard should expect the company to further its use of biometric authentication massively in the next couple of years. That means greater integration and use of fingerprint scanners on smartphones when shopping online and potentially in-stores. But it could also mean the distribution of payment cards with biometric scanning capabilities built directly into them. It’s something we have seen MasterCard trial in the past and have seen competitors, such as Visa, push in recent weeks too.
Why go biometric?
MasterCard is putting its faith in biometrics because it knows that such solutions can bring greater security, convenience and speed to both customers and merchants. Here at BioStore, we see the same exact benefits in the solutions we provide to schools and buisnesses. Put simply, biometrics make authentication and transactions incredibly easy. We use them to make office life a breeze and let schools run their operations smoothly. We can see why they would be a powerful addition to the retail experience.
Visit the BioStore website to find out more about how biometrics can bring the same security and convenience benefits MasterCard is trying to introduce to its payments, to your organisation.