British Bank Tests Payment by Fingerprint
Hoping to avoid the need for PINs or signatures, NatWest will begin a trial with 200 customers next month using a new type of payment card with a built-in fingerprint scanner. Contactless payments are already ubiquitous in the U.K., allowing shoppers to simply tap their cards onto readers for charges under $40, and requiring a PIN — or now a print — for pricier purchases.
What are the risks? While faking a fingerprint is possible, the biometric payment method is more secure than a PIN, especially because the data is stored locally on the card, rather than in a hackable central database.
Read OZY’s profile of the economist trying to change the meaning of money.