Mastercard has for some time been providing authentication solutions that allow us to approve mobile (or any NFC-enabled smart phone) payment using our biometric data, such as fingerprint, iris scanner, or even a selfie to authenticate the transaction.
This means that in a physical business, such as in-store payments, we do not need to remember our PIN, since we do not need to rely on passwords and codes, but on something that is already unique to us, such as fingerprinting.
This is not a surprise
In part, as some banks are already available to pay via mobile, for example, with a touch. In this case, unlocking the device is the authentication itself. However, the widespread adoption of this innovative solution is not expected until spring 2019.
This is when the so-called PSD2 EU directive becomes binding, creating an innovative environment for the financial sector, which will force banks to open up to what they would most like to see. Mastercard’s authentication solution is called Identity Check, which can be used by banks from 2019 onwards. Allows users to use their biometric data, such as fingerprints, irises, or faces, to authenticate online purchases or banking.
Pay as fast as you can while waiting for your selfie authentication!
With the Good Finance family bank account calculator you can find the most innovative bank accounts with a mobile payment or touch card, but you can also compare the best deals if you are not a digital guy and you prefer traditional solutions.
A joint study by Oxford University and Mastercard reveals that the vast majority of customers (93 percent) prefer biometric payment over a traditional PIN solution. In addition, banking professionals would welcome such solutions, with 92 percent of respondents being open to this type of service.
Complete a purchase when using biometric authentication
In addition, banks believe that it is more likely that a customer will complete a purchase when using biometric authentication. Unlike traditional solutions (one-time password sent via SMS), biometric authentication reduces the likelihood of a customer interrupting the payment process by 70 percent.