Starting in April of this year, individuals throughout Europe will be able to use biometric identifiers such as fingerprint recognition or facial recognition to help identify themselves when paying with Mastercard. With the high adoption of smartphones and the vast majority of the population using these types of smart devices, it seems only likely that this type of payment system would be able to take off in the near future.
Research from Mastercard and Oxford conducted last year showed that around 93% of consumers prefer using fingerprints or their face for payment rather than any other traditional system. This works for several reasons. For one, this type of security is incredibly secure, where traditional methods of pin or password security cannot provide such a high level of security. Another reason is the ease of use. This type of security simply takes a look into the phone or a thumbprint.
The report from Mastercard states that “Mastercard Identity Check, which lets people use biometric identifiers, such as fingerprint, iris and facial recognition to verify their identity using a mobile device during online shopping and banking activities, is already available in 37 countries. But with new EU regulatory requirements on authentication coming into force through PSD2, the card firm says that banks across the continent must offer the biometric option by April 2019.”
The president of MasterCard Europe, Javier Perez, stated that “Biometric technologies perfectly match consumers’ expectations of getting the secure payment solutions of tomorrow, in line with the increased digitalisation of lifestyles. This can significantly benefit consumers, retailers and banks by improving the purchase experience and better securing the transaction.” The hopes are high that biometric identification will be able to take over the security market in the near to not too distant future.