Credit card company meets digital demands in India and works with other on biometrics.
Mastercard in partnership with Atlantis announced the expansion of the Digital First Program in India. Mastercard is partnering with Atlantis, a financial technology company headquartered in Singapore, to provide users with a technology solution that will enable them to enjoy a best-in-class digital banking experience.
The Digital First Program aims to reignite users’ relationships with more meaningful experiences. Users will be able to use their cards/accounts for digital transactions within minutes of application, enabled by a digital online application and issuance process, including video KYC (in collaboration with Signzy). Cardholders will no longer need to wait to receive a physical card to begin using their cards for online shopping or at physical stores.
Following the launch in India, the partnership will subsequently expand to Malaysia, Singapore and Thailand.
Mastercard has also teamed up with IDEMIA, an Augmented Identity, and MatchMove, a Singapore-based fintech, on their first pilot in Asia of a biometric card that uses a fingerprint to authorize transactions at in-store payment terminals.
The card, with the product name F.CODE Easy, takes the seamless and intuitive experience of biometric authentication from a smartphone to a smart card. It makes transactions more convenient, safe and secure by eliminating the need for a cardholder to provide a PIN number or signature, thereby reducing touch points in public places.
Developed by IDEMIA in accordance with Mastercard’s technical and design specifications, F.CODE Easy ensures privacy and security by storing all biometric credentials on the card chip rather than a central database. The battery-free card, which harvests energy from payment terminals to power its fingerprint sensor, is designed to be user-friendly and is certified to ISO standards by Mastercard for security and compliance.
MatchMove, a Banking as a Service provider in Singapore, will issue the biometric cards for the pilot in the fourth quarter of this year. The pilot will feature employees of Mastercard, IDEMIA and MatchMove using the cards for transactions and live demonstrations for customers.
“As people make a permanent move to contactless transactions, the biometric card promises more choice and greater security for consumers,” said Matthew Driver, Executive Vice President, Services, Asia Pacific, Mastercard. “With Mastercard’s focus on digital commerce, this solution is a testament to the innovative partnerships Mastercard cultivates and its mission to provide fast, frictionless payment experiences that are protected at every point.”
The shift to touch-free transactions is underway globally as almost six in 10 consumers say the move to digital payments is likely to last and nearly half plan to use cash less often even after the COVID-19 pandemic passes, according to a Mastercard study in multiple markets around the world published in June. In Asia Pacific, a large majority – 71 per cent in Australia, 77 per cent in India, 73 per cent in China and 62 per cent in Japan – believe the shift to contactless payments is here to stay.
To support the onboarding process for F.CODE Easy, IDEMIA will provide a full set of services to MatchMove that allow users to enroll in their own homes for maximum convenience.
at MatchMove. “By leveraging F.CODE Easy, we can enable multiple use cases for our clients who in turn create greater value and utility for their customers, employees, suppliers and partners. We look forward to working together and introducing new innovative solutions to the market.
