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Friday, April 21, 2017

Mark of the Beast Watch: Mastercard Unveils Next Generation Biometric Card

Mark of the Beast Watch: Mastercard Unveils Next Generation Biometric Card

South African Trials Demonstrate Convenience and Security

JOHANNESBURG AND PURCHASE, N.Y. – April 20, 2017 – Mastercard today unveiled the next generation biometric card, combining chip technology with fingerprints to conveniently and safely verify the cardholder’s identity for in-store purchases.
South Africa is the first market to test the evolved technology, with two separate trials recently concluded with Pick n Pay, a leading supermarket retailer, and Absa Bank, a subsidiary of Barclays Africa.



Biometric Card 2
Michelle van Schalkwyk, Head of Brand at Pick n Pay, pays for her shopping using her fingerprint to authenticate the transaction during the first global trial of the Mastercard biometric card in South Africa.
The new card builds on fingerprint scanning technology used for mobile payments today and can be used at EMV terminals worldwide.
“Consumers are increasingly experiencing the convenience and security of biometrics,” said Ajay Bhalla, president, enterprise risk and security, Mastercard. “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.”
How It Works
A cardholder enrolls their card by simply registering with their financial institution. Upon registration, their fingerprint is converted into an encrypted digital template that is stored on the card. The card is now ready to be used at any EMV card terminal globally.
When shopping and paying in-store, the biometric card works like any other chip card. The cardholder simply dips the card into a retailer’s terminal while placing their finger on the embedded sensor. The fingerprint is verified against the template and – if the biometrics match – the cardholder is successfully authenticated and the transaction can then be approved with the card never leaving the consumer’s hand.
Benefits
Authenticating a payment transaction biometrically – in this instance via a fingerprint – confirms in a very unique way that the person using the card is the genuine cardholder.
Merchants can easily maximize the shopping experience delivered to their customers, as the card works with existing EMV card terminal infrastructure and does not require any new hardware or software upgrades.
For issuers, the technology helps detect and prevent fraud, increase approval rates, reduce operational costs and foster customer loyalty. Additionally, a future version of the card will feature contactless technology, adding to the simplicity and convenience at checkout.
Trials Underway
The recent South African trials mobilized employees from Pick n Pay and Absa Bank to test the potential ways convenience and security could contribute to the checkout process. Over the next few months, additional trials will be conducted with the biometric card. A full roll out is expected later this year.
Said Richard van Rensburg, deputy CEO of Pick n Pay: “We are delighted that this innovation has been trialed for the first time at Pick n Pay stores in South Africa.  Biometric capability will mean added convenience and enhanced security for our customers. The technology creates a platform on which we can further our strategy of personalizing the shopping experience in a meaningful way.  We have been extremely impressed with the robust and secure nature of the technology.”
For Absa, the biometric card forms part of the bank’s strategy to test and develop sophisticated technology capabilities designed to improve its payment operations and client service, reduce risk, and make banking easier and even more secure for its customers.
“We are very proud to be the first bank in Africa to test – in a real payment environment – the single-touch authentication technology that will unlock the benefits of biometrics,” said Geoff Lee, head of card and payments at Absa Retail and Business Banking. “The technology will effectively enable our customers to rely on their unique fingerprints to make payments in a face-to-face environment. Following the test period, we will make it available to our customers in a way that is affordable, reliable, and convenient and, most importantly, extremely secure.”
Additional trials are being planned in Europe and Asia Pacific in the coming months.
About Mastercard
Mastercard, www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter: @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Mastercard Engagement Bureau.
About Pick n Pay
Pick n Pay is a leading grocery retailer that operates a multi-format, multi-channel business across South Africa, as well as in Zimbabwe, Namibia, Botswana, Zambia, Swaziland and Lesotho.
In South Africa, the company has over 1,500 stores including Hypermarkets, Supermarkets and franchised Family Stores, which employ nearly 85,000 people. Well over 95% of the R50 billon of products purchased by Pick n Pay each year are sourced from South African producers and suppliers, sustaining a value chain which employs more than 400,000 people across the country.
The company’s success has been built on the principle of consumer sovereignty as a cornerstone of the Pick n Pay business.
About Absa Bank
Absa Bank Limited (Absa Bank) is a wholly owned subsidiary of Barclays Africa Group Limited, which is listed on the Johannesburg Stock Exchange and is one of Africa’s largest financial services groups. Absa offers a range of retail, business, corporate and investment banking and wealth management products and services primarily in South Africa and Namibia.
Barclays Africa is 50.1% owned by Barclays Bank PLC (Barclays). We operate in 12 countries with about 40 thousand permanent employees and we serve more than 12 million customers.

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