The first Thursday in May marks world password day, highlighting the importance of security and how you can protect your business from potential fraud. The payment processing industry is quickly becoming one step ahead of the rest with innovative developments being made to the technology we use every day.
Updates are continuously made to improve the security and speed of payment processing, and entering your password into a PIN pad may soon be a thing of the past. Statistics show that in total there are 104.4 million contactless cards issued in the UK and they are now used to make one in every four payments in the UK. Contactless helps to speed up transactions but the latest development that has been introduced will focus on improving security.
MasterCard have now introduced a card that allows you to pay for transactions using your fingerprint in the hope to provide safer and quicker transactions. Smart phones have used fingerprint authentication for mobile payments in recent years, therefore many consumers are already aware of the convenience and security of such technology.
The card has a built in biometric fingerprint scanner that allows shoppers to simply hold the scanner and insert it into a card reader. The card is the first to have both built in digital template of the user’s fingerprint and a sensor required to read the fingerprint at the point of sale. The fingerprint then verifies the transaction without requiring a PIN number. This therefore allows the card to be accepted in all terminals worldwide, as all the features required are built into the card rather than the terminal.
MasterCard are currently trialing the technology in South Africa but they have plans to release the card globally this year.
Handepay provide secure payment processing solutions for businesses, offering mobile, countertop, portable and online payments. If you’d like to find out more about the latest payment processing solutions, give one of our advisors a call on 0800 377 7382.