Mastercard, Idemia and Matchmove have teamed up to introduce a biometric card, named F.CODE that uses a fingerprint to authorize transactions at in-store payment terminals.
F.CODE 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.
F.CODE is a battery-free card that harvests energy from payment terminals to power its fingerprint sensor. It stores all biometric credentials on the card chip rather than a central database ensuring privacy and security.
The product was developed by IDEMIA in accordance with Mastercard’s technical and design specifications and is 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. 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. – Matthew Driver, Executive Vice President, Services, Asia Pacific, Mastercard
– Matthew Driver, Executive Vice President, Services, Asia Pacific, Mastercard
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. In Asia Pacific, a large majority – 71% in Australia, 77% in India, 73% in China and 62% 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.
We are proud to celebrate this milestone on our journey to shaping the future of payments into one powered by biometrics. We are delighted to partner with Mastercard and MatchMove to launch F.CODE Easy in Asia and we look forward to continuing to work together to provide end-to-end security for fintechs.
-Vincent Mouret, Senior Vice President of Financial Institutions Asia Pacific at IDEMIA
MatchMove, which aims to democratize essential financial services using advanced cloud and mobile technologies, is one of 21 applicants for Singapore’s digital banking licenses.
We are excited to partner with IDEMIA and Mastercard to pioneer cutting-edge solutions that empower our customers to make safe and secure payments. 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.
Amar Abrol, Chief Commercial Officer at MatchMove
