Mastercard tech that lets you pay with your face or hand in stores
Mastercard’s biometric checkout system allows customers to pay simply by scanning their palm or faces.
MastercardThe company is experimenting with new technology to allow shoppers to make payment at the point of sale using their only face and hand.
On Tuesday, the company launched a program that allows retailers to accept biometric payments methods like fingerprint scanning and facial recognition. Users will now be able show their face, or their palm to verify their payment at checkout.
It is already live at five St Marche grocery shops in Sao Paulo Brazil. Mastercard plans to expand the program globally in the future.
CNBC’s Ajay Bhalla, President of Cyber and Intelligence at Mastercard, stated that “all the research we have done has shown us that consumers love Biometrics.”
They want to pay in a shop as easy as opening their phones.
According to Juniper Research, around 1.4 billion people will use facial recognition technology in 2025 to verify a payment. This is more than double the number of 671 million who used it to confirm a payment.
What is the secret to it?
Mastercard registration requires that you either take a photo of yourself or scan your fingerprint in order to register the card with an app. You can do this on either your smartphone or at a terminal. This allows you to add a credit or debit card. Your biometric data is then linked.
It’s similar to techAmazon has been testing it in the U.S.
Mastercard states that it will bring this program to the U.S. and Europe at some point.
Mastercard is aiming to “globally interoperable” in the future, Bhalla stated. So once your credentials are stored, this can be used anywhere.
Mastercard stated that the feature can be integrated with loyalty programs and provide personalized recommendations based upon previous purchases.
It is it safe?
There are many privacy concerns about biometric data being used for payment.
Mastercard, for its part, claims all customer data is secured in a manner that protects privacy.
When you enrol, your face or fingerprint scan is replaced with a “token” — a random string of alphanumeric characters — and then linked to your payment card.
Mastercard stated that it had established standards for data protection to protect users’ personal information. Mastercard is currently working with other companies to bring the feature to market. Fujitsu, NECPayface.
Prepare for the “metaverse”
Bhalla believes Mastercard’s biometric products could be used to help develop a payment infrastructure for “metaverse” users.
“What are we working towards? The metaverse,” said he.
Metaverse describes a fictional virtual world in which users can socialize, trade and work. Thanks to Facebook’s recent rebrand, the term is gaining a lot of attention in Silicon Valley. MetaLast year.
Mastercard demonstrated an augmented reality headset at a London media briefing. It warns users if the site is fraudulent. The firm also offers a feature that allows customers to browse virtual stores and select items they want.
Although these products may not be as real-life as Mastercard’s biometric check service, they give an idea of the future.
Bhalla said people could eventually try on some clothes virtually before buying, or link their non-fungible tokens — digital assets that record ownership of a virtual item on the blockchain — with their biometric identity.