MasterCard and Zwipe Partnership Yields Unique New Payment System

These days, it seems like all the major players in the credit card industry (along with those in related genres) have some kind of method for simplifying payment. For example, Google has their Wallet payment system and Apple Pay is just around the corner.

Not to be outdone or left behind, MasterCard will soon introduce its own new version. MasterCard is partnering with a company named Zwipe (more on them later) – but their methodology is a bit different. They say they have hit the consumer trifecta: it’s easy to use, it’s exceptionally secure, and it’s very convenient for the customer.

For now, their product is known as the “Zwipe MasterCard.” It uses a built-in fingerprint sensor, making it the world’s first “contactless” payment card. Its biometric sensor – integrated into the card – takes the place of the need to enter a PIN number. That is, the fingerprint substitutes for the PIN. As a result, cardholders can make payments on any amount, unlike the cards that require the use of PIN numbers.

MasterCard claims these cards are much more secure than their competition simply because all the cardholder’s data is stored on the card itself rather than on an outside source.

Using it is simple. The cardholder puts his or her thumb on the sensor and points it in the direction of the terminal. It uses NFC, or near field communication, to let you wave the card at the terminal rather than having to swipe it. Once a positive identification is verified by the card (which takes less than a second), the transaction is completed – quickly and easily.

The folks at Zwipe are already working to ensure their product works on the new terminal technologies expected to be released in the next year or two. If this works as well as expected, it would not be a surprise for MasterCard’s competition, such as Visa, American Express and Discover, to pick up similar technology for their cards.

Additionally, they are already busy testing out other methods of payment that are focused around biometric technology. These include iris recognition and using the patterns in the veins of a person’s palm for identification purposes.