April 20, 2017 Mastarcard made an announcement that unveils its next generation biometric card. The card comes with a new-age fingerprint reader chip to verify the identity of cardholder while making an transaction in stores (physically, not through online).
How it will work?
The new-age fingerprint chip is a embedded sensor on card. When the cardholder place their fingers on the portion where the sensor can read your fingerprint and send it to the machine. It works like same as the chip-card which we are using today, except that you have to put your fingers on the sensor while you dip the card into the card reader machine. Next the fingerprint data is sent to the verifying server where the cardholder’s fingerprint is matched with a template in database. Assuming that cardholder have already shared their fingerprint template profile with bank.
Will it be future?
Benefit of this type of card are convenient biometric verification, card won’t leave cardholder’s hand while making transaction and it is more secure than any other card system as of now. But that is not all. It seems to me that it is not safe to share my fingerprint profile with a bank. After all it will work as same like old chip card when I use it online.
Predictably biometric verification like Samsung Pay works better than this. It is more like the end of physical cards now. Mastercard extending release of biometric cards to other countries, it won’t make much difference in India. Because India is building up its own transaction methods. In India, especially after de-monetization there is plenty of other digital transaction methods which is more convenient than using cards. UPI made a breakthrough in digital economy. Plethora of e-wallet services, modernized small digital banks like ‘Airtel Payments Bank’ are the new trend spreading their roots.
It is my opinion, it is good enough to harness the existing fingerprint sensors on the smartphone instead of placing one on cards. At the least I don’t have to share my fingerprint details to bank. Even though it is encrypted and securely saved, personally I am little hesitant to go with it.
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Source: Mastercard Press Release