MasterCard Partners with Zwipe to Create World’s First Credit Card with Fingerprint Scanner

Zwipe MasterCard (PHOTO CREDIT: MasterCard)
Zwipe MasterCard (PHOTO CREDIT: MasterCard)

MasterCard partnered with Zwipe to create the world’s first credit card that combines biometric authentication and contactless payment technology. Financial institution Sparebanken DIN of Norway conducted a live pilot of the Zwipe MasterCard over the last few months.

For security purposes, the fingerprints of the user are stored in the Zwipe MasterCard instead of an external database. The biometric authentication technology built into the Zwipe MasterCard replaces the traditional PIN entry, which means that cardholders can make payments of any amount rather than a prepaid amount. Setting up your fingerprint on the card requires an initial scan as part of the setup. Your fingerprint is used to authenticate each transaction at a payment terminal. The near field communication (NFC) support integrated in the Zwipe MasterCard lets you wave it at compatible terminals instead of having to swipe it.

“Response to our pilot with Sparebanken DIN has been very positive. Cardholders love how easy the card is to use with the added security feature. We have also had exceptionally good reaction from retailers participating in the pilot. This pilot enabled the partners to gather valuable customer feedback, experience and best practice for the enrollment and deployment phase,” said Zwipe founder and CEO Kim Humborstad.

Next year, Zwipe plans to release a new version of the Zwipe MasterCard. The new version will be the same format as a standard card and will be compatible with all payment terminals. A battery will not be needed in future versions of the Zwipe MasterCard because it will havest energy from the payment terminals. MasterCard has tested out several other biometric technologies for payment systems, including palm vein patterns and iris recognition.

Click here to read more.

SOURCE: Forbes
Amit Chowdhry

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