With the plastic card industry springing into action opening up newer channels of opportunities and developments, handling misuse and providing the best of services in a highly secure environment is the need of the hour. With fresh ideas surfacing in the contact and contactless plastic card industry, it has become imperative to deal with fraudulence, proactively identify bottlenecks and overcome them in the best possible way.
According to ABI research, chip card vendors need to embrace new technologies to beat the EMV market slump. Based on the latest technology, dynamic card verification value or DCVV replaces the older three digit verification number with values which keep changing on a small screen embedded in the payment card.
On the other hand, biometric technology requires card holders to scan their fingerprints for identification through embedded sensors. According to Sealy, these emerging plastic card technologies would usher the way to a complete transformation in the plastic card industry space while maintaining the security and reliability of the transaction being performed.
The prediction echoes a recent forecast from Acuity Market Intelligence’s Maxine Most, who suggested that biometric authentication will be standard for payments by 2025, and should come as good news to companies like MasterCard, which has already been exploring biometric payment cards since 2014.