Okechukwu Solomon | April 24, 2017 | Technology
Mastercard has introduced the payments card in South Africa, following successful trials with a local bank and retailer. Instead of requiring its owner to enter a four-digit personal identification number (PIN), it features a small area that can verify the card user's fingerprints.
It is hoped that the technology will lead to quicker and safer transactions. To use it, a shopper must simply hold the card by the fingerprint sensor and insert it into a card reader. The technology then verifies the fingerprint and approves the transaction without requiring a PIN, and works with existing payment terminals.
MasterCard is still testing out this new fingerprint sensor-enabled payment cards that, combined with the onboard chips, offer a new, convenient way to authorize your in-person transactions. Instead of signing a paper receipt or entering your PIN while struggling to cover up the number pad, you simply place your thumb on your card to prove your identity.
HOW DOES IT WORK?
- A cardholder enrols their card by registering with their bank.
- Upon registration, their fingerprint is converted into an encrypted digital template that is stored on the card.
- The card can then be used at any PIN machine in the world.
- When shopping and paying in-store, the biometric card works like any other chip card.
- The cardholder slots the card into a retailer's terminal while placing their finger on the embedded sensor.
- The fingerprint is verified against the template and – if the biometrics match – the transaction can then be approved with the card never leaving the consumer's hand.
- Even if the card is stolen, the other ‘thief’ won’t be able to use it since his/her finger print scanner won’t be identified. Of course, you'll still have the option to use your PINcode.
So what do you think about this new technology?
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