Worldwide, consumers use over 7 billion credit cards, nearly one card for every infant, child, and adult on the planet. Credit cards have revolutionized how we pay for goods and services. However, they have also proven attractive targets for fraudsters. To retain ease of use while increasing security, the payment industry has recently introduced biometric credit cards.
Along with accelerating digital transformation, 2020 highlighted the importance of contactless payment options. Restaurants encourage patrons to look at menus and even order through mobile apps. Stores increasingly refuse to accept cash payments. And consumers hesitate to hand over a card or sign with a pen that others have used before them.
Mobile payments entered the scene in 2014 with Apple Pay. But not all merchants accept them, and consumers have proven relatively slow to adopt mobile pay. Contactless, or tap and go, credit cards have added desired convenience, with no PIN or signature required. But, like chip cards, anyone with access to the card can make purchases.
Rather than add a totally new device, banks and technology innovators have joined forces to improve credit card technology. Biometric credit cards deliver the contactless features of the tap and go cards with significant added security.
Following hundreds of pilot projects, several companies have announced the deployment of biometric credit cards, certified by both Visa and Mastercard. The cards use embedded fingerprint sensors to verify the identity of the person using the card for in-store purchases.
When customers obtain a new biometric card, they enroll their thumbprint on the card, just as they would on a smartphone. Then, to make a purchase, they hold the card over the EMV terminal like normal, with their thumb on the built-in sensor on the card’s surface. The biometric card checks the scanned print against the print stored in the card.
Authentication at the point of purchase takes a second or two, the same as a PIN, and users can store a second fingerprint as a backup. The cards meet the ISO standard for size and thickness and require no physical contact with the reader.
The new biometric credit cards offer several key benefits to consumers, including:
Card issuers see the potential benefits for merchants. In the first place, the biometric cards work with existing EMV payment terminals that already accept chip cards. Thus, merchants have no need for expensive hardware upgrades. Further, the increased security should increase consumer confidence and reduce the possibility of credit card fraud.
eMazzanti works with retailers across the globe to combat digital threats and capitalize on emerging technologies. As an active member of the PCI Security Standards Council, eMazzanti will help you fully implement, integrate and monitor your POS technology. With EMV integration, you can accept biometric credit cards and other contactless payment methods.
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Carl Mazzanti is the president of eMazzanti Technologies in Hoboken. You engage with vendors…