Mastercard to work with tech firms on fingerprint payments

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Finance household name Mastercard is set to operate alongside IDEMIA and MatchMove to give customers in Asia the chance to authorise their payments in physical settings using a fingerprint authorisation option.
  • The scheme will now enter a pilot phase, and the employees of the firms will be first in line to try out the new system.
  •  A senior Mastercard figure emphasised the security benefits that customers would soon be able to enjoy.

Global financial services institution Mastercard has announced that it will work alongside two leading financial technology firms to develop a biometric payments card.

Mastercard said that it will work with IDEMIA, which operates in the augmented reality space, and MatchMove, which is headquartered in Singapore.

The three firms will collaborate on an Asia-based project using biometric payment cards that rely on fingerprints for authorisation.

Customers will be able to make payments in shops and other payment environments.

The card will be known as F.CODE Easy as part of its branding.

Ultimately, it will mean that customers will not have to use a PIN number or some other form of traditional authorisation, such as a signature.

The card does not require a battery, and the fingerprint authorisation element of the card is powered by the card terminals at which it is used.

In terms of organisational collaboration, meanwhile, MatchMove will provide the issuing of the cards.

This is because it has been designated as a ‘Banking as a Service’ provider in the country.

From there, the three firms will enter into a pilot phase.

Interestingly, workers from the firms involved will be the ones performing the pilot.

External clients will, however, be allowed to see live demonstrations.

MatchMove is a fintech firm that provides cloud-based tech services to assist the financial sector.

In a statement, a senior figure at Mastercard described how the contactless online money transfer payments offered by this new development will improve the lives of customers.

Matthew Driver, who serves as executive vice president for services in the Asia Pacific region at Mastercard, said that both transaction safety and an increased range of services to select from will be offered.

“As people make a permanent move to contactless transactions, the biometric card promises more choice and greater security for consumers,” he said.

He also emphasised that Mastercard’s capacity to construct new and effective partnerships was also part of the reason that this new scheme had come about.

“With Mastercard’s focus on digital commerce, this solution is a testament to the innovative partnerships Mastercard cultivates and its mission to provide fast, frictionless payment experiences that are protected at every point,” he explained.

For MatchMove, chief commercial officer Amar Abrol said that his firm was “excited” about what was to come.

“We are excited to partner with IDEMIA and Mastercard to pioneer cutting-edge solutions that empower our customers to make safe and secure payments,” he said.

To learn more about all the latest news from the international money transfers sector, just head over to our news pages. 


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