Tiju Abraham’s Post

Payments technology is always improving. Advancements in this tech are not only transforming how we conduct transactions—they're also setting new standards for security and the user experience. One tech trend in payments that I think has been and will continue to be transformative is biometrics. Biometric authentication methods like fingerprint scanning, facial recognition, and voice recognition, are adding an extra layer of security to payment processes. These methods are nearly impossible to replicate, ensuring that only the authorized user can complete a transaction, all while providing a seamless and quick payment experience. As Mastercard, we leverage biometrics strategically by developing innovative products and solutions that create secure and seamless customer experiences for our partners. #MastercardEmployee #Biometrics #PaymentsTech #FrictionlessAuthentication

The future of finance becomes similar to sci-fi movies📺 While #P2P lending is reshaping the finance world, JPMorgan Chase plans to revolutionize payments with biometrics by next year, simplifying transactions with palm or facial scans. Analysts expect biometric payments to soar to $5.8 trillion with three billion users by 2026. JPMorgan is already collaborating with biometrics specialists, conducting pilots for merchant adoption. They're also developing devices handling cards, tap, dip, and biometrics all at once. Mastercard and Visa are also exploring biometric opportunities, fostering competition and collaboration. Find more info in the recent Finextra article https://lnkd.in/e8VqvzZG

#Mastercard #patent #filing #proposes #way #to #secure #biometric #template #enrollment When a person creates a fingerprint template by pressing their finger against a biometric scanner, the scanner is generally not capable of telling whether each scan is of the same finger of the same person. In unattended biometric enrollment situations, this creates a risk of fraud, with one of the people whose biometrics were combined with another’s posing as them for authentication, according to a new patent application from Mastercard. The patent filing for “Systems and Methods for Preventing Biometric Infringement” has been published by the U.S. Patent and Trademark Office. “Current biometric sensors and registration processes cannot determine whether a single user is performing a biometric registration process, or more than one user is performing the registration process,” the inventors write. “Consequently, two or more users can register their respective biometric feature (e.g., a fingerprint) on a single device during a single registration process. As such, any user that participated in the registration process may be subsequently authenticated by the single stored biometric template or profile. This enables any one of the registered users to perform a fraudulent activity by purporting to be any one of the other registered users.” To address this problem, Mastercard researchers propose extracting two or more elements of the biometric feature from the initial scan, and then validating the template against the next scan. Extracted biometric features (like minutia in the case of fingerprints) are “characterized by type, location, and orientation relative to the coordinate system of the biometric sensor.” The method can be applied to any biometric modality, according to the application. Mastercard has been investing in several different modalities for retail payment, including pilot of its Biometric Checkout Program with iris and face biometrics from PayEye, and palm biometrics in partnership with Ingenico, Fulcrum Biometrics, Fujitsu Frontech and Scanntech. The company remains active in payment cards, however, with a drumbeat of approvals for its fingerprint-enabled Mastercard. https://lnkd.in/euVHNEk2 BIOMETRIC UPDATE.COM - Aug 6, 2024

Say goodbye to manually entering card numbers. Starting in 2030, Mastercard will eliminate the need for Europeans to manually input card numbers during online purchases, regardless of the platform or device. 💳 Instead of relying on the familiar 16-digit card number, transactions will be powered by a randomly generated “token.” 🔢 Customers will enjoy one-click payments, authenticated via biometric methods such as fingerprint recognition. 🧠 Mastercard claims this shift to 100% tokenization across e-commerce will significantly reduce fraud. 🛡️ Users also won’t need to input passwords for each transaction, as passkeys will be introduced to replace traditional passwords. 🔑 The company envisions the online payment experience becoming as seamless as tapping a card for in-store purchases. 🛍️ Mastercard is positioning this innovation to be as transformative as the introduction of chip and PIN or the rise of contactless payments. 📲 What do you think? Source: https://lnkd.in/ehs5s4Je

Fingerprints supports Valid in roll out of biometric payment cards in Brazil. Fingerprint Cards AB (Fingerprints) and Valid, the global payment technology provider and integrator of secure solutions for identification, mobile and payment ecosystems, have partnered in developing a biometric payment card for the Brazilian market. The card, which features Fingerprints’ proven biometric technology, will offer new levels of contactless security, convenience and hygiene. The cards, manufactured by Valid, will feature Fingerprints’ second-generation T-Shape® (T2) sensor module and software platform. The biometric payment card will be unveiled at Sao Paulo’s Febraban Tech event in June 2024. Despite consistent and significant contactless payment growth in Brazil since the pandemic, there are still consumer concerns around security. Source: https://lnkd.in/eGBjQiQe Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #fintech #fintechnews #payments #digitalpayments #bankingtechnology #financialtechnology #financialservices #financialsolutions

As a business, storing customers credit / debit card numbers exposes you to massive fraud implications in the event of a data breach. To that end, both Visa and Mastercard are exploring "Numberless Cards" using tokenization technology. Interesting article on the topic this week from Bloomberg (below). At Authvia, our PCI-DSS Level 1 technology tokenizes and encrypts card data so that your business never needs to collect or store card numbers and the risks that go along with them. Learn more at www.authvia.com #paymentsecurity #TXT2PAY Chris Brunner Trevor Rubel https://lnkd.in/gHM4_58R

MasterCard is revolutionizing online commerce by creating a seamless, secure, and fast payment experience akin to contactless in-person transactions, utilizing network tokenization, biometric authentication, and simplified checkouts to overcome current challenges of manual card entry and fraud. #FutureOfPayments #SeamlessCheckout #BiometricSecurity #ContactlessCommerce #Tokenization #FraudProtection #OneClickPayment #MasterCardInnovation #DigitalShopping #OnlineShoppingRevolution

🌐 Driving Payment Innovation with MasterCard & Visa Certification 💳 In the evolving world of payment systems, achieving MasterCard and Visa certifications is crucial for ensuring secure and seamless transactions. These certifications validate that POS applications meet the highest global standards for interoperability, security, and performance. During my recent project, I worked on developing a POS solution that integrates: ✅ MasterCard and Visa compliance protocols ✅ Advanced fraud detection mechanisms ✅ Contactless payment features (Tap-to-Pay) 🛠 Key Challenges Overcome: * Aligning the system to meet stringent PCI-DSS and EMVCo standards. * Designing a user-friendly interface for merchants and customers. * Testing and certifying transaction flows for cross-border payments. 💡 With the rise of digital payments, certification from payment giants like MasterCard and Visa is a game-changer for businesses looking to expand globally and build customer trust. #MasterCard #Visa #POSApplication #PaymentInnovation #DigitalPayments #FinTech #EMVCompliance #CyberSecurity #SoftwareDevelopment

💎💎Biometric Payments: Thanks JPMorgan Chase & Co.💎💎💎 With JPMorgan Chase’s pioneering move to introduce biometric payments, the future of shopping is at our fingertips—quite literally. #TechForward We’re on the brink of a shopping revolution with biometric payments. #PaymentEvolution 💎 Imagine: No more rummaging for cards. A palm scan or face recognition is all it takes. #WalletFree 💎 By 2026, we’re looking at a $5.8 trillion global shift to biometric payments. #FutureFinance 💎 JPMorgan isn’t just joining; they’re leading the charge into this new era. #InnovationLeaders 💎 And for us in Canada? This tech wonder might just be around the corner. #CanadaNext #BiometricPayment101 #JPMorganChase #TechTrend #InnovativePayments #FutureIsHere

The digital world has experienced rapid expansion as the modern user demands access to secure, instant payments, compelling financial institutions to adapt. Digital wallets are increasingly facilitating this surge, as instant payment systems have seen substantial growth in recent years. Given that over 1.5 billion of the global population use digital wallets, the potential growth for the real-time transaction technology market is huge, says the Global Payments Report. As users value speedy transactions, advancing security innovations to protect users’ personal information is paramount to facilitate this growing trend. By utilising AI-powered fraud detection, tokenisation and biometric authentication, the digital payments industry will continue to advance. To learn more about the future of payment technologies, read Tech Round here: https://lnkd.in/dAKb4GSw #InstantPayments #HPS