Identity theft is a terrifying modern crime, and so Mastercard is working to reduce the prevalence of that theft with a new thumbprint credit card. On top of PIN and chip technology, the new Mastercard thumbprint credit cards will come with a small biometric sensor for an added layer of security.
In terms of functionality, the cards should be easy to adopt for most consumers. When enrolling with the card at their financial institution, their fingerprint will be converted into an encrypted digital template that is then stored in the card itself. When shopping, the consumer puts their chip into the slot, as normal, but then places their thumb on the card in order to verify themselves (on top of knowing their PIN.)
The new cards are currently being trialed in Johannesburg, South Africa.
What's Driving This Trend
- Biometric Credit Cards
- Opportunity for increased security and reduced identity theft through the use of thumbprint verification on credit cards.
- PIN and Chip Technology
- Opportunity to enhance security in financial transactions by combining PIN and chip technology with biometrics.
- Encrypted Digital Templates
- Opportunity to store encrypted biometric data on credit cards for secure and convenient verification.
Who This Affects Most
- Banking
- Disruptive innovation opportunity in the banking industry by integrating biometric technology into credit cards for enhanced security measures.
- Payment Technology
- Opportunity for payment technology companies to develop and implement biometric authentication solutions for credit cards, improving overall security and user experience.
- Cybersecurity
- Disruptive innovation opportunity in the cybersecurity industry by leveraging biometric data to combat identity theft and fraud in financial transactions.
