Mastercard in Talks with UK Banks Over Biometric Cards

Mastercard in Talks with UK Banks Over Biometric CardsMastercard is now in talks with banks in the UK over the launch of its biometric payment cards in the country, according to a CNBC report.

The negotiations are not unexpected. Mastercard has been working with major players in the biometrics and smart cards industries to develop this technology for some time now, and one of its partners, IDEX, was proclaiming the success of its first European trial of biometric credit cards as early as last August. And last week, Mastercard issued a statement highlighting its biometric payment card’s compliance with PSD2, a payments regulation applying to the European Union.

As CNBC reports, the PSD2 regulations require that consumers verify their identity for every five contactless transactions. The biometric payment card concept thus offers a compelling solution: Its fingerprint sensor is designed to perform a biometric scan as the user holds it over a contactless payment terminal, ensuring that the ease of tap-and-go payments is maintained while the customer’s identity is confirmed.

Mastercard has confirmed its negotiations with banks over the biometric card solution, but it hasn’t offered any further details concerning things like a potential timeline for its rollout. But with its rival Visa and other financial services players rushing to deliver their own biometric cards to market, it’s fair to expect more developments to arrive quickly.

Source: CNBC

July 10, 2018 – by Alex Perala