Innovation in the world of payment methods is often a double-edged blade. It is a tough balancing act between offering convenience and maintaining security or privacy. As far as biometric payment cards are concerned, it remains to be seen what the future will hold.
Mastercard has Hope for Biometric Payment Cards
Depending on whom you ask the question, the future will be either cashless, or cash-only. A lot of consumers aren’t keen on giving up privacy when paying for goods and services with cash. Albeit using payment cards is innovative and convenient, it also exposes a lot of financial information. That information can be used – and sometimes abused – which is something that needs to be avoided altogether.
Despite this hesitance toward new payment methods, Mastercard is pushing ahead. Some countries and regions show more interest in cashless solutions. Asia, for example, is home to many payment solutions hat don’t require cash. Ranging from payment cards to mobile solutions, there is a big market to be explored.
Through a new venture with IDEMIA and MatchMove, biometric payment cards will be issued. During the plot program, the card will leverage a user’s fingerprint to authorize transactions. Known as F.Code, it is designed to be seamless, intuitive, and easy for all parties involved.
At the same time, the team is convinced user privacy will be respected. Biometric credentials are stored on the card chip, rather than in a database. Additionally, it is another step toward boosting the use of contactless transactions. Biometric payment cards have not gained major traction as of yet.
Privacy Concerns Remain Valid
Earlier this year, there were a lot of questions as to how biometric payment cards can be used in a privacy-oriented manner. That is a lot more difficult than one may think. Privacy and innovation hardly go hand-in-hand, particularly where financial solutions are concerned.
Moreover, this particular card requires a user’s fingerprint. That is as personal as information can get. As identity theft remains a pressing problem around the world, playing with these types of tools may not be advised. Biometric payment cards still possess data that can be hacked.
While biometric data cannot be lost or forgotten, it can still be manipulated by criminals. What is even worse, it cannot be replaced by any means. In conclusion, there is too much viable knowledge to determine how secure biometric payment cards will be. It is something to be hesitant about, for the time being.