There is a lot being said about the sharing economy at the moment, and conveniently last month Mastercard released a whitepaper The Sharing Economy: Understanding the Opportunities for Growth. I was reading it last night on the train back from London and in this post will share my notes. There are countless definitions of the sharing economy. Mastercard indicate that the natural instinct to share with one another combined with new technology that enables that sharing to happen in unprecedented ways will ensure that the sharing economy is here to stay. "..a socio-economic ecosystem that empowers people to share underutilised assets directly with others."
Your new Mastercard may have a built-in fingerprint scanner, the company announced Thursday. Currently, Mastercard is testing what it calls the "next-generation biometric card" in South Africa. In addition to a PIN and chip, a scanner will also be included so users can authenticate each of their purchases. What's more, the new card is supposedly no thicker than current credit and debit cards are. How it works: According to the company, cardholder must enroll their card by registering with their financial institution.
A Visa spokesperson responded: "Visa enables millions of merchants throughout the UK to access the benefits of digital payments, giving them the ability to reach billions of potential customers both in their local communities and across the globe. Visa has delivered to UK consumers some of the most secure and innovative payments solutions available anywhere in the world."
Cleveland-based KeyBank is working with MasterCard to implement MasterCard Decision Intelligence, a security solution that uses artificial intelligence to make authorization decisions. According to a press release, the technology represents the first use of AI in fraud detection services at KeyBank, and will help the FI increase the accuracy of real-time approvals of genuine transactions. Building on a 20-year relationship with KeyBank, MasterCard will also collaborate on new product development initiatives to deliver technology and services to build its franchise, capitalize on new opportunities and transform into a client-centric, digital bank, the release said. KeyBank and MasterCard renewed their relationship last year to deliver payment services to the bank's consumer, small business and commercial customers. Most recently, the two companies converted approximately 1 million First Niagara customers to KeyBank clients.