Mastercard is the first Asian pilot of a biometric card that uses fingerprints to allow purchases at in-store payment terminals.
Mastercard partners with Idemia and Singapore Fintech MatchMove, a Singapore-based bank-as-a-service provider, on a product that operates under the name F.CODE Fast.
Designed by Idemia, the battery-free card absorbs energy from payment terminals to power its fingerprint sensor and stores all the card chips' biometric data rather than the central database.
MatchMove, one of the 21 applicants for Singapore's automated banking licenses, will launch the first batch of biometric cards in the fourth quarter of this year. The pilot will feature Mastercard, Idemia, and MatchMove workers using debit cards and live consumer presentations.
The payment giant said that all biometric data would be stored on a card chip rather than a central database and that it will "enhance authentication and protection of contactless payments."
"As people make a permanent move to contactless transactions, the biometric card promises more choice and greater security for consumers," Mastercard Asia Pacific executive president Matthew Driver said.
"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 Biometric Pilot Card will be produced by Idemia and distributed by MatchMove in Q4 to all three companies participating in the project. Mastercard said that participating workers would then be able to use their cards for consumer purchases and live presentations.
Amar Abrol, chief commercial officer at MatchMove, says: "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."
Mastercard introduced the fingerprint reader, an integrated credit card, back in 2017. Trials were briefly ongoing in South Africa at the time, with payments companies alluding to proposals for a worldwide roll-out by the end of the year.
Credit card chips and SIM card manufacturer Gemalto followed in Mastercard's footsteps the following year, introducing a contactless credit card with a fingerprint reader for Bank of Cyprus clients.
Meanwhile, in Australia, Mastercard has collaborated with EML Payments Ltd, the Commonwealth Bank of Australia, and Transport for New South Wales to test the Opal Digital Card before the end of the year.
The test would allow consumers to access the Opal digital card from their digital wallet on their mobile or watch and use it to tap and tap any time they ride on the Opal transport network instead of a traditional Opal card.
Up to 10,000 Adults, Opal consumers will have access to the Opal card's wireless edition as part of the trial.
"The Opal digital card will also have the ability to be used on private modes of transport, making it even easier for customers to use Opal for their transport needs," the Transport for NSW spokesperson said.
"Mastercard demonstrated that with its global experience in developing digital payment technology, they are well-placed to offer the best solution and most competitive price to support Transport for NSW's requirements."
In other banking news, Macquarie said that it is now enabling customers to configure their digital security settings, including opting to accept or reject when a login attempt is made to their account.
Accessible via the Macquarie Authenticator bank verification app, the new security features allow customers to select between three digital banking authentication levels.
It includes basic protection when additional authentication is only necessary for modifications to confidential account information and some financial transactions, enhanced protection where identification is necessary for all attempts to log in except trustworthy devices, and utmost security when all attempts to log in from reliable and unknown devices need additional verification.
"We're empowering our customers to choose enhanced security options, giving them extra peace of mind with an intuitive push alert from the Macquarie Authenticator app, whenever a login is attempted to their accounts," Macquarie's banking and financial services group head of personal banking Ben Perham said.