Depending on the country you are in, regulations regarding your credit card’s security may be different. In some areas you may have to sign whenever you pay, other places will allow users to use NFC in their credit cards to make a payment, and sometimes a PIN is required. It is different everywhere. There is no one stop solution just yet. One may be on the horizon.
Well, all of this could soon be replaced by biometric security. Specifically fingerprint scanning.
Mastercard is launching a credit card with a fingerprint scanner in South Africa where they are testing the system. All you have to do is hold your thumb or finger against the scanner and insert it into the terminal to verify then payment proceeds as usual. The company wants to expand its trial to markets in Europe and Asia next, and eventually they want to introduce a contactless version, which will function similarly to mobile payments like Apple Pay where users will have to authenticate themselves using a fingerprint while holding their phone against the terminal. It will be interesting to see how these tests go.
Mastercard’s head of security says, “Whether unlocking a smartphone or shopping online, the fingerprint is helping to deliver additional convenience and security. It’s not something that can be taken or replicated and will help our cardholders get on with their lives knowing their payments are protected.”