No password, no problem with Zwipe MasterCard
30 October, 2014
category: Biometrics, Financial, Smart Cards
The new Zwipe MasterCard lets consumers dump PIN codes and passwords. Zwipe and Mastercard have teamed up for a contactless payment card featuring an integrated fingerprint sensor.
Users put their thumb on a designated area of the card, then swipe to make a payment. It works using an integrated biometric sensor and Zwipe authentication technology that holds the cardholder’s biometric data directly on the card, not in an external database. It contains an EMV certified secure element and MasterCard’s contactless application.
“The Zwipe MasterCard works just like any other payment card, but the PIN is replaced by a fingerprint authentication,” says Fredrik Gulowsen, Zwipe PR and marketing director. “For merchants and retailers, there is no difference between a standard EMV credit card and a Zwipe Mastercard. They both use the same point-of-sale terminals. They will, however, see shorter lines at checkout as well as potentially greater sales due to increased customer confidence.”
Two banks are piloting the card. Gulowsen says the enrollment process will differ from bank to bank, and users will eventually be able to enroll online. He says the card provides increased security and convenience.
“This means that banks will be able to supply even more secure cards, while consumers can forget their PIN codes and forget their passwords,” Gulowsen says.
Zwipe says the fingerprint is processed in less than one second. Another bonus: cardholders can make payments of any amount, unlike other contactless cards on the market, which sometimes have a limit on how much they can spend per transaction.