Mastercard created a new technology that allows shoppers to make transactions using their faces or fingerprints.
The tech program was launched on Tuesday and was pitched by Mastercard to retailers who want to use biometrics during the payment process. The methods include fingerprint scanning and facial recognition. The company has revolutionized the way people will pay in stores, allowing for faster transactions. For example, upon checkout, buyers can directly pay for their goods by showing their face or showing the palm of their hand.
The method is now employed by five St. Marche grocery stores in Brazil so far. Mastercard plans to roll out the program to several countries and regions in the following months.
According to Ajay Bhalla, president of cyber and intelligence at Mastercard, research shows that “consumers love biometrics.” Bhalla explained that people prefer faster payment methods, the same as opening a phone.
A forecast by Juniper Research predicts more than a doubled increase in the number of people who will use facial recognition technology, from 671 million in 2020 to 1.4 billion in 2025. This prediction makes Mastercard’s new program a potent and more practical way for consumers to pay for their bills and groceries.
How to sign up for the program?
To sign up on Mastercard, a user needs to take records of biometrics like fingerprint and a photo of his face. The process is done either via phone or payment terminal. After the biometrics are taken, users can add a credit card, which is then immediately linked to the biometric data registered via the Mastercard app.
The features of the application are somewhat similar to that of the program currently being tested by Amazon.
Mastercard intends to bring the program to the United States, the Middle East, Europe, and Asia as soon as markets or users approve of the proposals and partnerships. Bhalla said that the primary goal of Mastercard is to make the program global so users can use the features anytime and anywhere.
Questions of safety surround program
Many uncertainties arise regarding discussions on programs that involve credit cards, money, and biometrics. Users fear privacy problems and identity theft, most especially since the biometrics are linked to the credit card. Moreover, there are also questions on how the data is stored and kept confidential by the company.
To answer these, Mastercard said that the data is encrypted and is not susceptible to breach. In addition, the company explained that upon enrolment, the biometrics are replaced by a “token,” a random order of alphanumeric numbers that are linked to a user’s payment card.
Mastercard further explained that steps had been taken to assure maximum privacy of all the registered biometrics and card details.
To up the program’s potency, Mastercard is teaming up with other companies like NEC, Fujitsu, Payface, Aurus, PaybyFace, and PopID. The partnerships will allow Mastercard to perfect the technology and create linkages to market the program to other regions of the world.
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