Are biometric card payments the future of business?
According to a recent announcement, Mastercard is set to launch a biometric card in Asia that will use the power of fingerprints. A card owner will get to authorize and complete their purchases at store payment terminals by confirming their identity with this type of new technology.
Mastercard has teamed up with both MatchMove and IDEMIA. The former company specializes in fintech and are based in Singapore, while the latter is a global leader when it comes to augmented identity.
“We are excited to partner with IDEMIA and Mastercard to pioneer cutting-edge solutions that empower our customers to make safe and secure payments,” Amar Abrol, the chief commercial officer at MatchMove, said. He added how leverage the new card will allow its clients to create greater utility and value for their customers, partners, suppliers, and employees.
The name of the card is F.CODE Easy, and it will make transactions more safe, secure, and convenient, according to the announcement. This is because the cardholder will no longer be required to enter a PIN number or give out their signature when making purchases. Additionally, the technology will allow shoppers to reduce the number of touch points when it comes to public locations.
F.CODE Easy will also require no batteries in order for it to function properly. Instead, the card will harvest energy from the payment terminals in order to power up its sensor that identifies a user’s fingerprint.
“As people make a permanent move to contactless transactions, the biometric card promises more choice and greater security for consumers,” Matthew Driver, the executive vice president at Mastercard Asia Pacific, said.
Driver added how Mastercard’s focus on digital commerce goes hand-in-hand with this new solution, which is a testament to the company’s innovative partnerships. Additionally, the new card aligns with Mastercard’s mission to give users a safe and frictionless payment experience.
Vincent Mouret, the senior vice president of financial institutions at IDEMIA Asia Pacific, expressed his excitement on shaping the future of biometric payments. “We are delighted to partner with Mastercard and MatchMove to launch F.CODE Easy in Asia and we look forward to continuing to work together to provide end-to-end security for fintechs,” he said.
According to a study conducted by Mastercard, approximately six in 10 consumers believe that the transition to digital payment methods is likely to last. About 50% of those surveyed also plan to minimize their use of cash even after the worldwide coronavirus (COVID-19) pandemic passes.
As technology continues to change business practices and they way consumers make their purchases, it is important for merchants to keep up with the times and adapt to the use of innovative solutions.
PayFrame is here to provide that support to business owners across the globe. For further information and to take your company to the next level and the future, contact one of our experts at either 1-888-668-0733 or info[at]merchantbroker.com.