Mastercard is experimenting with different ways of making contactless payments more secure, and biometric cards could be the answer.
The company is currently testing a variety of solutions around the world. It recently launched the first European biometric card trial in Norway and Poland. These cards feature a built-in finger vein sensor to verify the person using it. In Canada, Mastercard is testing heartbeat recognition, while retinal scanners have been trialled in South Africa.
Such security measures would enable payment companies to increase the transaction cap. This is in place to ensure that if you are a victim of theft, you won’t end up facing a huge bill as well.
Of course, how comfortable will people be with their biometric details being used for payments? Face recognition and biometric readers have been implemented into smartphones and other devices, so perhaps it is only a matter of time before these are used for payment verification.