Biometric identification will be available to all Mastercard users by April 2019
The digital era is in full swing. Biometric identification is increasingly being introduced into our lives through smartphones and other gadgets. The time comes for the wide dissemination of modern technologies for cardholders.
At the end of January, MasterCard announced in London that all users of Mastercard payment cards will be able to identify using biometric data (fingerprint, face recognition, iris recognition) during online purchases.This technology will finally be ready for work by April 2019. The principle of Mastercard was presented as follows:
Researches have shown that 93% of the surveyed users would prefer to use their biometric data to confirm the transaction, and not to enter passwords. In the banking sector, the overwhelming majority of specialists (92%) agree on the need to introduce biometric solutions.
According to information from the Banks, the use of biometric authentication reduces the number of failures to carry out transactions to 70%. This means that customers are more prone to such a purchase compared to the methods of confirming transactions via SMS-passwords.
Mark Barnett, president of Mastercard in the UK and Ireland, says:
Biometric technologies perfectly meet the expectations of the public about the state of the most modern security methods when making payments. This will bring great benefits to all: consumers, retailers and banks. This will make the purchase easier, and instead of remembering passwords for authentication, buyers will have the opportunity to use a fingerprint or an image of themselves.
Mastercard has for many years maintained leadership positions in promoting biometric technologies, focusing on improving both consumer experience and security for online and offline purchases.
Mastercard Identity Check already available in 37 countries around the world, is an authentication solution that allows people to use biometric identifiers such as fingerprint and face recognition to check their identity with a mobile device during online purchases and banking operations. This solution significantly speeds up inspection time, improves security and reduces failure rates.
This shift to biometrics is part of a new Mastercard action plan that will help banks, merchants and partners
prevent fraud and improve consumer experience in the new digital environment. It also meets the new requirements
for verifying the authenticity of customers on security protocols.