The fintech bonanza and British bank NatWest is the newest financial institution banking on tech to revolutionize payments.
NatWest will debut in mid-April a new type of credit card with a built-in fingerprint reader, so that spenders can go above the £30 without having to input a PIN or offer a signature.
Essentially, these new NFC cards contain a fingerprint scanner that will store the fingerprint data locally, on the card, as to cut down the risk of theft. While this idea is more secure than a traditional PIN that can be seen over your shoulder when you use your card, there’s no saying how much security was invested in the fingerprint reader itself. A thief could, in theory, spoof your fingerprint and gain access to your money.
However, NatWest seems to think this the future of card payments.
“We are using the very latest technology across our business to make banking easier for our customers and biometric fingerprint cards are one of the many technologies we are exploring further.
This is the biggest development in card technology in recent years and we are excited to trial the service,” said David Crawford of NatWest.
In the first stages of the trial, the NatWest cards with built-in fingerprint readers will be issued to 200 customers.