MASTERCARD, ZWIPE TEAM UP FOR WORLD'S FIRST CONTACTLESS CREDIT CARD (STA BREAKING NEWS and ARCHIVES)

by STANews , Monday, October 20, 2014, 20:24

Remembering a PIN code may become a thing of the past for credit card holders. MasterCard along with biometrics company Zwipe say that in 2015 they will offer the world’s first credit card which uses fingerprints to confirm payment.

"Our challenge is to ensure the technology offers robust security, simplicity of use and convenience for the customer," Ajay Bhalla, President of Enterprise Security Solutions at MasterCard said in apress release published Friday.

The new generation cards will include a biometric sensor, the cardholder's fingerprint data and MasterCard’s contactless application. The card is activated by pressing the holder's thumb against the scanner. With the card's fingerprint scanner, the sensor identifies a user's fingerprint in a second comparing it with data stored in the card's memory. This procedure makes contactless payment simple, secure and quick.

Fingerprints will no longer be kept in an external database, as is the case with regular bank cards; information will be stored on the card itself. On top of that, biometric authentication will do away with limits on the amount of money transacted.

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http://rt.com/business/197496-mastercard-card-contactless-fingerprint/