Mastercard is holding converses with banks in the U.K. about offering biometric payment cards to market.
The Mastercard firm has been testing cards with inbuilt fingerprint scanners, which are utilized to check customers' identities.
This is expected to replace the use of passwords and accelerate the process of making payments online and contactless transactions in-store.
A representative for the organization affirmed to CNBC on Monday that it was talking with banks about launching the biometric cards.
"The utilization of passwords to authenticate somebody is woefully outdated, with consumers forgetting them and retailers facing abandoned shopping baskets," said Ajay Bhalla, leader of global enterprise risk and security at Mastercard.
"In payments technology, this is something we're surrounding as we move from cash to card, secret key to the thumbprint, and past to creative advances, for example, computerized reasoning. It's far less demanding to verify with a thumbprint or a selfie, and it's more secure as well."
The push toward biometrics echoes a more change occurring in the payments industry at this moment. In January, the European Union implemented the Second Payment Services Directive (PSD2), a regulation aimed at speeding up transactions and giving third-party firms access to banks' customer information so that they can build better products.
Under the new guidelines, customers are required to affirm their identity every five times after they have made a contactless payment. Mastercard said the biometric tech is at present being trialed in South Africa. Visa — Mastercard's main rival — is likewise trying biometric cards in Cyprus.
PSD2 has put banks and major money financial services providers under extreme strain to enhance their digital capacity and open up their information to outside developers. Banks are treasure troves with regards to financial data, compiling immense amounts on a regular basis.
Moving towards biometric types of payment like fingerprint sensors and eye-scanning tech — TSB, for example, said last year it wants to be the primary European bank to roll out iris authentication — to make payments less complex is likewise anticipated that would enhance money related security and handle extortion.
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