Guiding consumers since 2009

Biometric payments – The future of shopping?

By Jessica Anne Wood

The Payments Association of South Africa (PASA) is working with MasterCard and Visa to facilitate biometric authentication on payment cards. The technology is designed to ensure open interoperable solutions in South Africa. It enables the use of various biometric solutions from fingerprint verification to palm, voice, iris, or facial biometrics.

The use of biometric verification is intended to prevent fraud, while also making it easier to pay securely. The structure designed by MasterCard and Visa allows biometric data to be read by a biometric reader, encrypted and validated.

Walter Volker, CEO of PASA, said: “As an industry we are proud to have facilitated the world’s first truly interoperable biometric specification that will unlock the benefits of biometric verification and make it available to an open community in a way that is affordable, reliable and secure.”

James Simpson, country manager for Visa in South Africa, clarified that to support wide adoption of the system, it is important that solutions are scalable and based on open standards. “Building on the current standards, this provides a common, interoperable foundation, as well as encourages innovation in cutting-edge biometric solutions.”

Mark Elliott, division president for MasterCard in South Africa, elaborated that through this interoperable verification standard, multiply merchants and other players operating with different rules and technologies can be connected. “Together, we can drive ubiquity, safety, and utility of biometric payments, while helping to accelerate the number of smart and secure biometric payment solutions available to consumers on these platforms.”

 

 Handy tip: You can compare credit and debit card charges on Justmoney, click here.

Recent Articles

Featured What’s the deal with underwriting?

When you apply for a long-term insurance policy, a financial adviser will ask some personal questions about your lifestyle, family history, health, and even ask you to take some medical tests. This process is called underwriting, but is it really necessary?

 

How are you taxed on your retrenchment package?

Unemployment is one of the biggest problems in South Africa. The emergence of the Covid-19 pandemic has exacerbated the situation with a lot of companies retrenching their employees.  When retrenched, you’ll receive a retrenchment package, but do you know how much tax you’re liable for?

Car repossessed – don’t be taken for a ride

When the country is facing an economic downturn, chances are your finances will feel the pinch. This can lead you to make bad financial decisions such as skipping your vehicle payments. But every decision has consequences and if you don’t pay your instalment, the bank will repossess your car. But what can you do when this happens?

 

Why you should consider gap cover

Your medical aid should protect you from incurring large medical bills when you’re sick. But what if your plan doesn’t cover the full cost of your medical expenses? We got in touch with insurance experts to find out whether gap cover is worth having.

Deals

Office furniture at discounted prices at BDK

Price: Available on request
When: Daily
Where: Johannesburg

Da Vincis Happy Hour Special

Price: Available on request
When: Daily
Where: Cape Town

Use your Absa card and get 30% cashback at Dis-chem

Price: Available on request
When: Daily
Where: Nationwide


Latest Guide

Guide to debt rehabilitation solutions