Plastic still rules our life and our money world. At present, financial life is much dependent on credit cards and those with high limit credit cards stand at a much higher risk. Digital payments are a new reality and services like Apple Pay are gaining traction by the day. Everything and everyone is moving to a new digital revolution that is taking everything by storm.
Credit cards and debit cards generally are dominated by MasterCard and Visa world over and traditionally they have been the payment service providers of choice. In spite of the digital revolution happening with digital wallets, the credit cards remain indispensable. Whether it is a visit to a store, or paying a utility bill or even booking a flight or buying a car everything can and is being bought via a premier credit card. The purchase amounts are ever increasing thus increasing the issue of high limit credit cards, which is reflective higher purchasing power.
Credit card safety is more important these days in the wake of increasing fraud and internet scams that are happening. So many times hackers find numerous dubious ways to steal the credit card information and resort to unauthorised payments from one’s card. While most people remain safe from such a fraud, an ever-increasing number of people are being subject to it every day. Fraudsters these days target more of high limit credit cards, for more money.
Credit card companies like MasterCard take the card security rather seriously because of it being a prestige issue and secondly, the customers should feel safe using their secured credit cards with high limits. Adding a chip to the card is often highlighted as a great added security feature, that debuted 10 years back. Now upping the ante, MasterCard has decided to add a fingerprint sensor on the card. This biometric sensor is able to store 2 fingerprints that a customer may register with the bank.
Expected to initially debut on the high limit credit cards, this fingerprint sensor or biometric sensor on the MasterCard credit card will be accepted credit card machines at the retail merchants that accept both visa MasterCard. The card will use the power from the credit card swiping machine or POS machine at the retailer and verify the fingerprints on record to accept or decline a purchase. This is the first time, a credit card has both the fingerprint file and fingerprint scanner in it.
Biometric verification is better than PIN and chip security, where PIN is a 4 or 6 digit number and is the weaker one. With the fingerprint security on board, the stolen cards cannot be used in a store since, without the fingerprint access, the cards do not work. These biometric cards do not require any power source, they these will draw power from the credit card machines where they are used. The new cards work on the same credit card machines found at retailers.
The rollout of these biometric credit cards could start early next year. These are more expensive to make than the normal cards, which could mean these being first released on high limit credit cards, and then slowly and gradually become an industry standard like the PIN and chip cards. It is essential for MasterCard to keep evolving with the times to maintain an edge over rivals, enhanced fraud protection and setting new industry standards.
Since the late 1960’s MasterCard then called Master Charge has been an industry pioneer and a dominating force in payments systems in use throughout the world. With a presence in over 210 countries, MasterCard does hold a sway in new technologies and payment security features that are to be used for best possible secured transactions.