Credit Card with Fingerprint Reader
If it is on your smartphone, why should not be on your credit card?
We are talking about fingerprint scanner or reader, of course, ever since its appearance as a button on a smartphone, it has become ubiquitous. A fingerprint is the primary and unique identification for any individual and provides security and identification that no PIN number or passcode can provide.
Credit Card+ Fingerprint Scanner
Mastercard, the American financial services giant thinks it is possible to incorporate a fingerprint scanner on the credit card, the new card which is no thicker than existing ones builds on the technology that is used for mobile payments.
The card which is to be introduced in South Africa soon is something that would provide convenience to the user as there would be no need to remember PIN numbers but at the same time provide security during transactions at all outlets.
How does it Work
A credit card with a fingerprint reader can be obtained from the lender like any other card, the fingerprint of the user is made into an embedded digital template. During transactions, the user can authenticate himself or herself by the touch of a finger after the card is swiped at the POS machine which checks for validation against the embedded template.
Are Fingerprints safe?
An alternative view on the security of fingerprints also exists, experts believe that fingerprints can be easily replicated and thus lead to many identity thefts and security violations.
While there are risks that come with this innovation, it would greatly benefit retailers in providing a better experience to customers, a card with a fingerprint scanner would also reduce transaction time and costs.
An observed trend is the increasingly digital and contactless nature of payments across the globe, India too has been following this trend. A recent report by the Reserve Bank of India has shown that card swipes at PoS machines in our country have trebled in volume, a credit card with a fingerprint reader would be a welcome innovation to the current financial ecosystem in India.
The credit card with the fingerprint scanner is not available in India right now, but if you are looking for the credit card that is right for you. Check out the credit card offers on CreditMantri.