MasterCard Emphasizes Importance of Biometrics, Tokenization

MasterCard Emphasizes Importance of Biometrics, TokenizationMasterCard has been speaking about its digital securitization efforts at this year’s Risk to Reward conference in London, according to a Business Reporter article by Joanne Frearson. To that end, the company says it’s developing fingerprint and facial biometric systems.

“The future is moving towards biometrics,” said Ajay Bhalla, MasterCard’s president of enterprise security solutions. He added that MasterCard is planning to introduce such security measures in Europe later this year, and also spoke of the importance of “tokenization for a number of cards.” According to the article, MasterCard has been working on a tokenization system for financial transaction in collaboration with Apple Pay.

It has also been working on its own biometric credit cards, which have already been tested in a pilot project in Norway and are slated to further expand their presence. It all seems to be part of a general effort to get ahead of the digital payments trend, with the company having announced in February that it would invest $20 million in cyber security, and in March revealing that it would bring biometric security to a Silicon Valley Credit Union.