Traditional cash payment mechanism has already been ousted since the introduction of credit, debit card and net banking account in last decade. With the development in technology, tech companies have entered this domain of payment gateway. Google has their payment platform called Google Wallet, Apple has recently entered this era with Apple Pay. Many banks provide online banking apps for mobile platform.
Many startups are developing payment gateway products based on NFC, Bluetooth low energy. There are plenty of cash card and online wallet startups that help users to have more control over their expenses. Mastercard is reportedly working on a new payment card with Nroway based security technology agency, Zwipe. This new card by Zwipe Mastercard contains integrated biometric sensor and authentication technology. It will also have EMV certified secure chip which will hold MasterCard's contactless application.
While online wallets have limitations related to transactions, this new card by MasterCard will come very handy as it will be directly associated with bank account. Zwipe MasterCard will require user to authenticate using his fingerprint. The team from Zwipe and MasterCard are testing the prototype version of this card at Sparebanken DIN in Norway. The prototype contains battery to power the chip and biometric sensor but, the future version will come with a new energy saving feature that will draw the power from payment terminals. Company is planning the public launch of this card in coming year.
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