According to Mastercard, "the card allows customers to authorize payments with just a touch, rather than using signatures and PIN numbers, and it works with existing chip-and-PIN card machines."
Unlike with a smartphone or computer, however, you don’t set up your fingerprint yourself. You naturally have to go through your financial institution to not only register but to also get your fingerprint converted. While the fingerprint is encrypted before being stored on the card itself, MasterCard doesn’t go into detail on the security measures employed in the new type of card, much less address potential privacy concerns as far as banks are concerned.
The financial services giants has kicked off test in South Africa for the “next generation” card. Barclays Africa subsidiary Absa and supermarket Pick n Pay are the two institutions participating in this trial run. MasterCard is also planning on expanding the tests in Europe and the Asia Pacific region.