Mastercard Starts Process of Biometric Authentication for Users

On January 23rd, Mastercard announced that they are developing a process for the users of Mastercard so that by April next year, all users will be able to authenticate themselves using biometric identity. This announcement probably came with the new PSD2 of the European Union that will allow the external third party companies getting access to a client’s bank account with their consent.

Mastercard is not the first financial institution to integrate biometric technology into their system. Many banks are already doing it, along with many global NGOs for financial security. Very recently the Bank of Russia did this nationwide to provide mobile access to accounts and all sorts of financial activities. Rapid usage of biometric data into smartphones has led to bringing in massive changes in transaction methods. Customers find passwords or pins hard to remember and not secure. A recent study in Canada also suggested that many customers abandon a purchase simply because they cannot remember pins or passwords. Click to continue reading