Forget entering PIN code or even tapping credit card to pay for items. MasterCard is taking another step towards a more secure payment process by adding a built-in fingerprint scanner.
The company has partnered with a biometric company, Zwipe, to minimize or even perhaps end the use of stolen credit cards. This makes Zwipe MasterCard the first ever biometric contactless payment card in the world.
It is designed to look like a standard credit card and will not need any battery to properly work.
Aside from the fingerprint sensor, it is also equipped with Zwipe secure biometric authentication technology where the cardholder’s data will be stored. This means fingerprint will be stored locally to the credit card and won’t be saved to any external database.
While there are other contactless payment modes available these days, the transactions are limited to certain amount for security reasons. Zwipe reveals that with their new technology, there won’t be any limit to transactions. Once the fingerprint is confirmed the cardholder is free to pay any amount.
At this point, there is no clear timetable when it will be available. According to Zwipe’s press release, the new credit card is currently under development and will be compatible with all payment terminals in 2015.
Do you think this new technology is safe? Or will it make buying easier? Share your thoughts here.