The global tech giant is taking groundbreaking steps in consumer financial products as they trial a card that has a built in fingerprint reader as well as chip and pin functionality.
Ajay Bhalla, President of Mastercard, said: “Consumers are increasingly experiencing the convenience and security of biometrics. Whether unlocking a smartphone or shopping online, the fingerprint is helping to deliver additional convenience and security.
“It’s not something that can be taken or replicated and will help our cardholders get on with their lives knowing their payments are protected,” said Bhalla.
So far the product has been tested in supermarkets and a bank branch in Johannesburg, South Africa, before planned trials are rolled out in Asia and Europe in the next few months.
The system requires cardholders to enroll their card by registering with their bank, and when they do this they have their fingerprint taken and converted into an encrypted digital template stored on the card.
When you go to make a purchase, it works in the same way as any normal card, you put it into the reader and place your finger on the embedded sensor which will test your biometrics for a match.
It is hoped that this dual-protection, which was modeled on the technology currently used to authenticate mobile phone payments, will help to combat fraud.
If the trials are successful, the card could be made available to people in the UK as soon as next year.