Mastercard has unveiled its new\u00a0biometric card, which combines chip technology with fingerprints to verify the cardholder\u2019s identity for in-store purchases.<\/p>\n
South Africa is the first market to test the technology, with two trials concluded by\u00a0Pick n Pay and ABSA.<\/p>\n
The card builds on fingerprint scanning technology used for mobile payments and can be used at EMV terminals.<\/p>\n
A cardholder enrols their card by registering with their financial institution.<\/p>\n
Upon registration, their fingerprint is converted into an encrypted digital template that is stored on the card.<\/p>\n
The card is now ready to be used at any EMV card terminal.<\/p>\n
When paying in-store, the biometric card works like a chip card.<\/p>\n
The cardholder dips the card into a retailer\u2019s terminal while placing their finger on the embedded sensor.<\/p>\n
The fingerprint is verified against the template and \u2013 if the biometrics match \u2013 the cardholder is successfully authenticated.<\/p>\n
The transaction can then be approved with the card never leaving the consumer\u2019s hand.<\/p>\n
Authenticating a payment transaction biometrically confirms, in a unique way, that the person using the card is the genuine cardholder.<\/p>\n
Merchants can improve customers\u2019 shopping experiences, as the card works with existing EMV terminal infrastructure and does not require upgrades.<\/p>\n
For issuers, the technology helps detect and prevent fraud, increase approval rates, reduce operational costs, and foster customer loyalty.<\/p>\n
Additionally, a future version of the card will feature contactless technology.<\/p>\n
The recent South African trials mobilised employees from Pick n Pay and ABSA\u00a0to test the potential ways convenience and security could contribute to the checkout process.<\/p>\n
Over the next few months, additional trials will be conducted with the biometric card.<\/p>\n
A full roll-out is expected later this year.<\/p>\n