Mastercard, IDEMIA and MatchMove pilot fingerprint biometric card in Asia

By Edil Corneille

Global payments technology company Mastercard has teamed up with IDEMIA, an Augmented Identity company, and MatchMove, a Singapore-based FinTech, on their first pilot in Asia of a biometric card that uses a fingerprint to authorise 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 eliminates the requirement for the provision of a PIN number or signature by a cardholder.

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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 harvests energy from payment terminals to power its fingerprint sensor.

MatchMove, a Banking as a Service provider, 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 6 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 the 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.

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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,” said Vincent Mouret, Senior Vice President of Financial Institutions Asia Pacific at IDEMIA. “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.”

MatchMove, which aims to democratise 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,” said Amar Abrol, Chief Commercial Officer 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.”