The Article Summarized
This year, Mastercard is integrating a fingerprint scanner directly into credit cards, that should function with all current card reading devices.
Mastercard is integrating a fingerprint scanner
Since the integration of chips, eliminating the need for magnetic stripes in credit cards, not much has changed in the development of credit cards. Now, Mastercard would like to change that by introducing a credit card with an integrated fingerprint scanner. In the future, customers will be able to authorize their purchases in stores over a sensor. When this technology is integrated, the need for a signature and a pin will be obsolete.
No entry costs for the merchant
As the new Mastercard credit cards do not require new card terminals and will be compatible with current machines, there are no disadvantages for retailers. Currently, Mastercard credit cards cannot be used as contactless payment, but that should change in the future.
Coming this year to the market
The first test-drive of this new credit card from Mastercard has already occurred in South Africa in certain supermarkets and banks. Now the card will be test-driven in Asia and Europe. Should all these tests be successful with little to no complications, the new Mastercard credit card will arrive in 2017 on the market.
Even with fingerprint scanning, credit cards are not safe from fraud - as shown by the Chaos Computer Club in 2014. During a public press conference, the club managed to successfully copy the fingerprint of Ursula von der Leyen, the German Minister of Defense, with a camera. Although not totally safe, copying a fingerprint is much more difficult and better protected against fraud when compared to a signature or pin.