MasterCard and Visa Back Biometric Payments
February 1, 2018
Two of the world’s biggest financial companies, Visa and MasterCard, are moving to back the advancement of biometric payments. What is it about biometrics that make them such an attractive proposition?
MasterCard’s online plans for biometric payments
From April onwards, MasterCard wants to let customers in Europe use the biometric scanning capabilities on their smartphones to authorise online payments. MasterCard’s identity check is already available in 37 countries, and Javier Perez of MasterCard Europe said:
“Biometric technologies perfectly match consumers’ expectations of getting the secure payment solutions of tomorrow, in line with the increased digitalisation of lifestyles. This can significantly benefit consumers, retailers and banks by improving the purchase experience and better securing the transaction.”
A survey by MasterCard last year might have spurred such strong faith in biometrics, when 93 per cent of customers said they preferred biometrics over passwords for validating their identity.
Visa on-card biometrics
Visa have had similar encouragement. And like we have seen in the past from MasterCard, Visa is now interested in bringing biometric payments into the physical retail world. The company is exploring the possibility of biometric enabled payment cards.
This would involve your actual credit or debit card incorporating a biometric reader. When you make a contactless payment or chip and pin payment, you would also be required to scan a finger on the card at the same time, which would light up when validated. Jack Forestell, head of global merchant solutions for Visa said:
“The world is quickly moving toward a future that will be free of passwords, as consumers realise how biometric technologies can make their lives easier.”
The power of biometrics
Biometrics and payments go together so well – we know that here at BioStore – we see it in our cashless payment solutions for schools and businesses.
Firstly, when it comes to payment, security is of course a top priority. Biometrics excel in this capacity, making fraud so much harder than it is currently. But on top of that, and perhaps what makes it really enticing for customers, is that security doesn’t come with any hassle, in fact, biometrics are incredibly convenient and simple to use.
We are pleased to see behemoths such as MasterCard and Visa looking to develop biometric solutions for their customers, it can only help to boost and develop the already thriving use of biometrics – why not join them and offer the latest technology to your employees, bringing the same convenience and security to their work day. Head here to find out how BioStore uses biometrics to make the work day simple and easy from start to finish.