The days of having to enter your PIN number to make a transaction could soon be over. Here is a next-gen biometric credit card that helps authenticate payments with fingerprints! US-based Mastercard has unveiled the new biometric card with a small fingerprint reader that can store up to 2 fingerprints on its chip. It resembles a regular card, and the sensor is thumb-nail sized, and sits on the top right corner.
Once the card is ready for public, here is how it might work. As and when the card is available, you have to visit your bank branch and get your fingers scanned. The EMV chip in the card stores the encrypted digital template of your fingerprint. You can save 2 fingerprints but both have to be yours. Or, you cannot authorize someone to use your card with their fingerprints. Once the template is saved, you can use the card at any EMV card terminal. In other words, you don’t have to fear anymore about ATM frauds, or struggle to shield your PIN number from prying eyes anymore.
Biometric login is quite common these days, and has slowly replaced PINs and passwords that were our primary means of unlocking doors, safes, and smartphones. Wondering why? Its unique, secure, and most importantly convenient, given the chances of forgetting passwords and signatures. No two people have the same fingerprint, the chances. Hence it makes complete sense that Mastercard is testing fingerprint sensor enabled cards that help safely authorize each transaction. You don’t have sign any papers or enter PIN numbers anymore, just place your thumb, and you can prove your identity and pay your bills.
The biometric cards are currently tested in South Africa. Mastercard plans to roll them out to other part of the world by the tail-end of 2017. However, you will have to wait for banks and other financial institutions to get on-board without delay.
When it comes to contact-less payment, Apple holds the monopoly now, as it uses biometric method in Apple Pay to authenticate payments.
Are fingerprint-sensor-embedded cards more secure? Will it help prevent fraudulent activities? What do you feel?