It's true... MasterCard and Zwipe have created perhaps the
world's first contactless payment credit card that combines biometric authentication and contactless payment technology.
What does it mean? I hear what you say... Payment cards set for biometric authentication?
This payment innovation by MasterCard's and Zwipe's new fingerprint scanning contactless credit card will tap into a big market opportunity that stands to see biometric authentication become a common feature on payment cards.
Superior Fingerprint Security Systems
This world's first contactless payment card with built-in fingerprint sensor/scanner is designed to provide superior
security or fingerprint security systems and strategic move to capitalize on the hype band wagon of
payment flow with Apple Pay's
fingerprint payment capabilities, with the help of biometric technology while maintaining the convenience of swipe-free
MasterCard's partnership with tech provider Zwipe to launch a contactless credit card that facilitates biometric authentication is a strategic move to capitalize on the hype stemming from Apple Pay's fingerprint payment capabilities.
MasterCard and Zwipe's innovative products announcement is indeed good news for contactless payment customers as this launch gives consumers more choice and options, as it strengthens the contactless payment user experience, and further help to educates consumers to other forms of payment authentication.
This means that the consumer holding of contactless cards is on the rise and can be viewed as a key stepping stone towards mobile Near-field or nearfield communication (NFC) payment adoption and all debit and credit cards in issue globally being contactless-enabled.
It is not just contactless card enabled ownership that is growing; so too is consumer education awareness of the technology, with more consumers daily claiming they have heard of contactless cards.
This awareness shows a potentially lucrative opportunity for MasterCard's and Zwipe's contactless payment cards with superior fingerprint sensor/scanner biometric authentication product.
In addition, the removal of the contactless card spending limit is a needed welcome move that stands to dispel the technology's stereotype as a cash replacement tool for small item transactions.
This move will broaden its prospects of becoming a mainstream payment tool, with the help of biometric technology while maintaining the convenience of swipe-free payments.
Even though some people have begun to prophecies the death of credit payment cards following the growing interest in mobile payments.
Dreams Retail News Come True
This innovative announcement by mastercard and zwipe with first contactless payment card with fingerprint sensor
proves there is life in credit and debit cards yet, and that getting the balance right between security and convenience is possible.
Zwipe and MasterCard have offered the retail industry a payment card that offers a level of security beyond that of chip-and-PIN. The Zwipe MasterCard is the world's first contactless payment card that features an integrated fingerprint sensor.
Integrated Fingerprint Scanner Identification
Given the number of high profile retail data breaches in the retail sector over the past year, there has been
a push within the industry to move away from the traditional swipe and sign method of payment at point-of-sale (PoS)
The Zwipe and MasterCard biometric contactless payment cards with fingerprint sensor uses its integrated fingerprint scanner to identify who you are when you use your card.
This essential cardholder information is stored directly on the chip card itself rather than in an external database, not on the cloud or an online server. This makes it far less likely for someone to steal your information.
To make a purchase, the user activates the card with a fingerprint scan, which can then be used to make contactless payments with EMV (EuroPay, MasterCard and Visa) compatible PoS terminals.
The contactless card is compatible with standard chip and PIN machines, but it is also made to function through contactless payment processors.
Welcome Good News by the Retail Industry
Once you put your fingerprint on the card, the card will send a signal to the machine to make a payment.
Then you can finish the transaction accordingly.
This is welcome good news by the retail industry, who has advocated for a move towards chip-and-PIN technology.
You see, chip and PIN technology are widely used throughout European countries, which uses payment cards with embedded chips inside that are inserted into a reader that also requires the customer to type in a unique PIN Identification Number (PIN) for the purchase to be validated.
Your confidential identification information is stored only on your card.
The only time your (credit/debit card) is read is when you touch the fingerprint scanner/sensor on the card surface, so it's like using an on and off button for your card.
No Retailers Infrastructure changes
Yes! it is true. The retailers will not have to make any infrastructure changes to use the Zwipe MasterCard as
long they have EMV-compatible terminals.
Many countries around the world have already adopted and accepted EMV transactions; retailers that do not support EMV will assume liability for fraudulent card transactions.
The contactless payment cards with fingerprint sensor provide increased security and convenience at the same time.
Zwipe and MasterCard has said that the next generation of its card that will be the same format as a standard card and designed to work with all payment terminals for release in next year.
This new card will harvest energy from the payment terminals without the need for a battery. However, the challenge is to ensure the technology offers robust security, simplicity of use and convenience for the customer.
MasterCard and Zwipe world's first biometric contactless payment card with integrated fingerprint sensor!