Mastercard has announced its plans for all consumers to be able to identify themselves with biometrics when using Mastercard from April 2019.
This move means banks offering Mastercard solutions must be able to offer biometric authentication for remote transactions, alongside existing PIN and password verification. It will also apply to all contactless transactions made at terminals with a mobile device.
According to research from Oxford University, 93% of consumers prefer biometrics over passwords for verification and 92% of banking professionals want to adopt biometrics.
Furthermore, a report from banks showed that the use of biometric authentication could potentially decrease purchase abandonment rates by up to 70%.
Mark Barnett, President, Mastercard UK & Ireland said: “Biometric technologies perfectly meet the public’s expectation for state-of-the-art security when making a payment. This will be of great benefit to everyone: consumers, retailers and banks. It will make the purchase much smoother, and instead of having to remember passwords to authenticate, shoppers will have the chance to use a fingerprint or a picture of themselves.”
This move is part of the firm’s plan to help banks and retailers prevent fraud. In addition, it meets regulatory requirements set out by PSD2 and new EU regulations. Other additions as a part of this include Mastercard’s Automatic Billing Updater and Decision Intelligence, an AI-powered fraud detection service.