Mastercard and Visa want use to Biometrics

[NoMoreE46]

About a one minute video -  jump  to  00:40 sec. 

Mastercard, Visa want to do away with typing credit card numbers - TheStreet

[Windchill92]

Biometrics sounds more like fingerprints and pupil scans, and MC is always testing new payment methods in India.

They're talking tokenization...a version of which is already used for Tap 2 Pay transactions. If this new token formula cracked, will take lots of time + R&D to fix.

But if it's as secure as a PGP encryption, then I think that'd be more secure than a 16 digit card # (15, s/o Amex) even including the final check digit. If reliably more secure, then I guess the only use for the 16 digits would be for usage on POS terminals.

[NoMoreE46]

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@Windchill92 wrote:
Biometrics sounds more like fingerprints and pupil scans, and MC is always testing new payment methods in India.

They're talking tokenization...a version of which is already used for Tap 2 Pay transactions. If this new token formula cracked, will take lots of time + R&D to fix.

But if it's as secure as a PGP encryption, then I think that'd be more secure than a 16 digit card # (15, s/o Amex) even including the final check digit. If reliably more secure, then I guess the only use for the 16 digits would be for usage on POS terminals.

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Both- Quoting from the article:

Mastercard and Visa are testing out the idea of getting rid of the practice of inputting your credit card number when making an online purchase altogether. Instead, they want to use your biometrics to generate a unique number called a token for each purchase.

Biometrics and tokenization, as it is called, takes data encryption to a whole new level. The upside to this is it will make it much harder for criminals to get access to your credit card or pin numbers online or at physical locations. The downside: if the biometrics software fails to recognize you, then your purchase will be rejected and a fraud alert will go out, impacting your credit card use everywhere.