If you have a smartphone, you may be using your fingerprint to unlock the phone. With payment solutions like Apple Pay, your fingerprint can already be used today to authorize payments. Giants like Visa, Mastercard and Swedish FingerPrints are now at the forefront of making this standard on physical credit cards as well.
Visa’s new card, which was tested in the US last year, has been developed in a collaboration between Visa, Rich Mountain Credit and Cyrus Bank. Mastercard and FingerPrints are also working on implementing biometric cards in consumers’ everyday lives.
That’s how it works
The card owner registers his fingerprint, which is stored securely in the card. When the finger is placed on the card’s sensor during a transaction, it scans the print to verify that it is the same fingerprint that was originally recorded. A green light means that the image matches – a red light means it is wrong.
The sensor, of course, needs power, but it is not a concern for the user, as the card is charged when used in terminals. Thus, neither batteries nor cords are required.
The benefits of biometrics
One of the main benefits of biometric cards is security. The fingerprint will only be stored in the card. This minimizes the risk of the cardholder’s information being leaked and used maliciously.
Another advantage is that the hardware used for payments does not need to change. The new card is designed to work with the terminals that today receive chip payments and contactless payments, all over the world.
Five benefits of biometric cards:
- The authorization of the transaction goes fast.
- It is certainly
- No signatures, or codes that might be forgotten.
- Sensors “charge themselves” when making payments.
- Many people feel that contactless payments are uncertain. With fingerprint recognition, this can change. Skimming becomes an ineffective method for fraudsters.
Displayed test and result
Visa’s pilot launch was made to test and evaluate whether fingerprint recognition can replace code and contactless payments. Mathew Yuls of Rich Mountain Creditn noted (in September 2018) that biometric cards could be the next big step in card security.