Visa has announced trials of a new EMV* dual interface (on-card biometric chip and contactless enabled) payment card. The U.S. pilot program is with the Mountain American Credit Union which serves five central states. “The world is quickly moving toward a future that will be free of passwords, as consumers realize how biometric technologies can make their lives easier,” says Jack Forestell, Visa’s head of global merchant solutions.
For biometric authentication, a cardholder places a finger on the sensor. The fingerprint is checked against a fingerprint template that was created upon enrollment. The card has built-in green and red lights to indicate a successful or unsuccessful match. The fingerprint template is stored locally on the card for data security and cardholder privacy.
The card can also be used at contactless enabled terminals, allowing the cardholder to tap and pay quickly. Either way, fast convenient payment is made without having to sign a receipt or remember a PIN number. The biometric card is compatible with existing payment terminals that accept contactless- or chip-based payments.
Visa sponsored a recent survey of 1,000 Canadians. The results were favorable towards biometric technology.
* 59% of consumers were familiar with biometric technology
* 85% were interested in using biometrics to verify identity or make payments
* 65% found biometric technology easier to use than passwords
* 57% found biometric technology faster to use than passwords
*EMV (Europay/MasterCard/Visa) refers to a global standard of smart debit/credit payment cards, and the payment terminals and automatic teller machines that can accept them.
Press Here! Visa Begins Pilots of New Biometric Payment Card
Published by BusinessWire, Jan. 14, 2018
Canadians hate passwords, using them wrong, ready for biometrics instead: Visa
By Eric Emin Wood, Jan. 11, 2018 for itbusiness.ca
Practical solutions for fingerprint collection and processing.