Mastercard, IDEMIA and MatchMove Debut Fingerprint Biometric Cardby Fintech News Singapore October 21, 2020
Mastercard has teamed up with IDEMIA, provider of identity-related security services, and MatchMove, a Singapore-based fintech, on their first pilot in Asia for a biometric card that uses fingerprints to authorise transactions at in-store payment terminals.
The smart card named F.CODE Easy, is intended to mimic the intuitive experience of biometric authentication of a smartphone.
It is said to make transactions more convenient, safe and secure by eliminating the need for the cardholder to provide a PIN number or signature, thereby reducing touch points in public places.
Developed by IDEMIA in accordance with Mastercard’s technical and design specifications, F.CODE Easy ensures privacy and security by storing all biometric credentials on the card chip rather than a central database.
The battery-free card, which harvests energy from payment terminals to power its fingerprint sensor, is designed to be user-friendly and is certified to ISO standards by Mastercard for security and compliance.
MatchMove, a Banking-as-a-Service provider in Singapore, will issue the biometric cards for the pilot in the fourth quarter of this year.
The pilot will feature employees of Mastercard, IDEMIA and MatchMove using the cards for transactions and live demonstrations for customers.
“As people make a permanent move to contactless transactions, the biometric card promises more choice and greater security for consumers. With Mastercard’s focus on digital commerce, this solution is a testament to the innovative partnerships Mastercard cultivates and its mission to provide fast, frictionless payment experiences that are protected at every point.”
said Matthew Driver, Executive Vice President, Services, Asia Pacific, Mastercard.
The shift to touch-free transactions is underway globally as almost six in 10 consumers say the move to digital payments is likely to last and nearly half plan to use cash less often even after the COVID-19 pandemic passes, according to a Mastercard study in multiple markets around the world published in June.
In Asia Pacific, a large majority with 71% in Australia, 77% in India, 73% in China and 62% in Japan, believe the shift to contactless payments is here to stay.
To support the onboarding process for F.CODE Easy, IDEMIA will provide a full set of services to MatchMove that allow users to enroll in their own homes for maximum convenience.