When it comes to convenience, there’s no debating the utility of contactless payment cards. It can be irritating to insert a card into a machine and type in a four-digit PIN every time you need to make a transaction, especially if you’re only buying a two-dollar cup of coffee.
Unfortunately, the contactless process does have its drawbacks, which Fingerprint Cards highlights in a recent blog post about the future of contactless cards and biometrics. The company explains that different countries enforce different transaction limits, which can make contactless payments confusing at the point of sale.
Raising the cap makes contactless payments more convenient, but it also makes them less secure. If the card gets stolen, a thief could potentially spend a very large sum of money without the need for any form of authentication.
That’s why biometric authentication is so vital to the future of contactless payment technology. Unlike pin-based contactless cards, biometric payment cards offer strong biometric security features (like fingerprint sensors) that are fast and effective regardless of the size of the transaction.
Meanwhile, companies like MasterCard and Visa are working to ensure that all cards and payment terminals will support contactless payments, which suggests that biometric payment cards are only going to become more popular in the next few years. With that in mind, there’s never been a better time for financial services providers to upgrade their payment offerings.
Fingerprint Cards sensors have already been featured in numerous biometric payment cards thanks to partnerships with companies like Zwipe, Visa, and Gemalto. The recent blog post is in keeping with the company’s ongoing efforts to educate consumers about the benefits of biometric cards.
March 22, 2019 – by Eric Weiss