It's about to get a lot more difficult for someone else to use your credit card.
MasterCard and the biometric payment company Zwipe announced plans Friday to develop a payment card that allows you to make purchases by waving it over a payment terminal while placing your unique thumbprint on the card's biometric sensor.
But the two companies were quick to address privacy concerns: "Cardholder fingerprint data is stored directly on the card, not in an external database," a statement Friday read.
Ajay Bhalla, president of enterprise security solutions at MasterCard, spoke further to the issue.
"Our challenge is to ensure the technology offers robust security, simplicity of use and convenience for the customer. Zwipe’s first trial is a significant milestone and its results are very encouraging," Bhalla said.
Once a customer activates their fingerprint, it's then used as a PIN replacement, allowing them to make purchases of any amount. And because the card will tap into the power from payment terminals, it won't require a battery, Gizmodo reported.
Slated for release in 2015, MasterCard and Zwipe said this is the first card of its kind to use biometric data together with contact-less application.
Founder and CEO of Zwipe Kim Humborstad said feedback from the product's pilot phase has been "very positive."
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