MasterCard Working on Credit Card Security Tied to Smartphones
MasterCard is teaming up with mobile technology company Syniverse to provide heightened credit card security through smartphones. The group is working on a program that will only allow credit cards to work when they are in close proximity to the owner’s smartphone.
The idea here is that if someone loses a credit card or has the card stolen, someone else will not be able to use the card. The technology uses smartphone geolocation to determine where the cardholder is and thus, where the card itself should be at any given time.
MasterCard also plans to include a service for travelers using the technology that will allow them to bypass expensive roaming charges through their smartphone’s GPS.
“This collaboration of two global technology leaders opens up a whole new range of possibilities for end users, ensuring a seamless payment and mobile experience,” said Hany Fam, President of Global Strategic Alliances at MasterCard.
The program is still in its pilot phase, and it will likely become an opt-in service when it does reach the market.