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MasterCard-Branded National eID Card Launched in Nigeria

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Re: MasterCard-Branded National eID Card Launched in Nigeria

#41

Post by declan »

Here's an excerpt from the Mastercard press release with a few more details:

"MasterCard has pioneered large scale card schemes that combine biometric functionality with electronic payments and we want to capitalize on their experience... enrollment process involves the recording of an individual’s demographic data and biometric data (capture of 10 fingerprints, facial picture and digital signature)..." http://newsroom.mastercard.com/press-releases/mastercard-to-...

I wonder how Americans would feel if the U.S. government teamed up with Mastercard, devised a similar biometric ID card -- and required all U.S. citizens to obtain one to drive, pay taxes, get government benefits, vote, etc.? (I also wonder what "demographic data" referred to above means, and whether it means everyone's religion will be encoded on the ID...)

Re: MasterCard-Branded National eID Card Launched in Nigeria

#42

Post by mikeash »

rhodri wrote: post #20
vicpara wrote: post #14

This is a big thing. Mastercard is a global company. In Nigeria, a country that has nothing to loose and some small advantages to gain this may seem like a no brainer. However, if this new tech proves itself reliable enough I expect it to be pushed to many more countries. Think about it. A BANK will OWN your biometric data (10 fingerprints, iris signature, facial signature). Everything. And this is not a governmental…

Don't confuse consumer credit – which is taking out loans in order to buy goods like toasters that will decrease in value – from a business loan – which is a bet that you can add value to what you buy with the loan, and thus earn enough to pay it back (and more, hopefully). Having a quick look around, I found this blog post from Kiva who helped pioneer microlending in the developing world. The answer seems to be "yes…

Regarding your last paragraph, there's a huge difference between a typical mortgage and buying a toaster with a credit card.

Specifically, people typically use credit cards with the intent of paying them off quickly and by applying their normal income stream to paying it. The resale value of the item purchased doesn't matter at all in that scenario, only the usefulness of actually owning the item.

Mortgages, on the other hand, are rarely taken out with the intent of paying them back in that way. The typical mortgage term is 30 years and few people anticipate staying in a house that long. Most mortgages are taken out with the intent that the bulk of the loan will be paid off by selling the house. Negative equity completely screws up that plan, which is why people get so upset about it.

That's not to say that credit card debt is somehow wise in many cases, but toasters and houses don't compare well here.

Re: MasterCard-Branded National eID Card Launched in Nigeria

#43

Post by einrealist »

seanflyon wrote: post #38
einrealist wrote: post #10

Sounds like a data protection nightmare. Is there any information about the chip design and whether both purposes are strictly separated? Who is maintaining the ID information, MasterCard? Is a POS allowed to read ID data?

What kind of ID data are you referring to? If when I swiped my credit card the point of sale could see my name, year of birth, and picture I would consider that a good thing. With my drivers license for example anyone I hand the card to can read name, date of birth address, picture, because those things are printed on the outside of the card.

To the Personal ID data.

That card contains biometric data and certainly more information that is not necessary for a transaction. If that card gets cloned, you will lose more than just money. So the probability of identity theft is much higher - each POS can be an attacker.

Also, if MasterCard is maintaining both data sets and is losing it, will they be held liable for the Personal ID data too?

Re: MasterCard-Branded National eID Card Launched in Nigeria

#44

Post by sliverstorm »

vicpara wrote: post #14

This is a big thing. Mastercard is a global company. In Nigeria, a country that has nothing to loose and some small advantages to gain this may seem like a no brainer. However, if this new tech proves itself reliable enough I expect it to be pushed to many more countries. Think about it. A BANK will OWN your biometric data (10 fingerprints, iris signature, facial signature). Everything. And this is not a governmental…

An then what would be the next step? No more cash payments?

MasterCard does seem to be working towards that. It isn't a meritless goal either; a recent study estimated that cash costs the USA $200B a year, or around 1.5% of GDP:

http://www.amren.com/news/2013/10/paying-with-cash-costs-ame...

Obviously currency is worth spending money on, but that doesn't mean it has to be bank notes.

Re: MasterCard-Branded National eID Card Launched in Nigeria

#46

Post by Omni5cience »

praseodym wrote: post #5

Back in the nineties, when Java was still the next big thing, manufacturers promised that we would carry a single Java smartcard for all applications: identification, credit cards, electronic wallets, etc. As we now know this never happened. The biggest reason is marketing: every company wants to have their own logo on the card, which is impossible to do with a generic card. Reference from 1998: ftp://service.boulder…

On a related note, I recently found out that all SIM cards run JavaCard applications. Apparently SIM applications are not uncommon in countries where smartphones still aren't common.

Check out https://simhacks.github.io/defcon-21/

Re: MasterCard-Branded National eID Card Launched in Nigeria

#47

Post by pessimizer »

GeneralMayhem wrote: post #33
pessimizer wrote: post #25

Earlier quoted context omitted.

>Plus, is there any proof that access to credit for really poor people is actually creating wealth? Not that I can detect. It just seems to be a mantra that is repeated enough to be assumed true. It was one of the repeated justifications for a similar card recently created for public transportation payment in Chicago.

I don't know about adding to total wealth, but from a personal finance/welfare standpoint, it's a very good thing. Access to credit smooths out cash flow, which is the hardest part of being poor. You might be able to save up for something over a month or a year, but what if you have to have it right now (healthy groceries, car problems, hell, maybe even lightbulbs)? What are your options? Either you get a shoddy vers…

If you can't save enough to not live from check to check, what are the odds that you're going to come up with the money every time that you borrow vs. the odds that you become a revolving borrower borrowing a steadily increasing amount to cover interest payments? Also: poor people don't have low interest credit cards.

As a middle-class 40 year old who has spent time in his life poor to the point of homelessness, I've never had a credit card or understood the necessity. I understand that people with money use them for the promotional treats, but for people without money?

Money should be borrowed in order to purchase capital IMO, not to paper over poverty until a catastrophic bankruptcy.

Re: MasterCard-Branded National eID Card Launched in Nigeria

#48

Post by moheeb »

declan wrote: post #41

Here's an excerpt from the Mastercard press release with a few more details: "MasterCard has pioneered large scale card schemes that combine biometric functionality with electronic payments and we want to capitalize on their experience... enrollment process involves the recording of an individual’s demographic data and biometric data (capture of 10 fingerprints, facial picture and digital signature)..." http://newsro…

This is what should be done, and I feel what will be done, in the future. The government will become your Certificate Authority.

Re: MasterCard-Branded National eID Card Launched in Nigeria

#49

Post by frandroid »

true_religion wrote: post #30
vicpara wrote: post #14

This is a big thing. Mastercard is a global company. In Nigeria, a country that has nothing to loose and some small advantages to gain this may seem like a no brainer. However, if this new tech proves itself reliable enough I expect it to be pushed to many more countries. Think about it. A BANK will OWN your biometric data (10 fingerprints, iris signature, facial signature). Everything. And this is not a governmental…

Nigeria is a poor country? It's the oil king of West Africa, more akin to a middle eastern state than anything else.

Unlike the Persian Gulf states though, it doesn't spread the oil wealth to its citizens. So it's a country full of poor people, more than the Gulf oil monarchies.

Re: MasterCard-Branded National eID Card Launched in Nigeria

#50

Post by frandroid »

pessimizer wrote: post #25
vicpara wrote: post #14

This is a big thing. Mastercard is a global company. In Nigeria, a country that has nothing to loose and some small advantages to gain this may seem like a no brainer. However, if this new tech proves itself reliable enough I expect it to be pushed to many more countries. Think about it. A BANK will OWN your biometric data (10 fingerprints, iris signature, facial signature). Everything. And this is not a governmental…

>Plus, is there any proof that access to credit for really poor people is actually creating wealth? Not that I can detect. It just seems to be a mantra that is repeated enough to be assumed true. It was one of the repeated justifications for a similar card recently created for public transportation payment in Chicago.

See Grameen Bank, and micro-lending.
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