Mastercard has created a new technology that will make transactions faster and more convenient for shoppers. With just their face or fingerprint, users can buy things from a store without having to pull out cash from their pockets.
Mastercard is revolutionizing the way buyers pay for things with their new biometric technology. Launched on Tuesday, the program allows retailers to use fingerprints and facial recognition during payments. This means faster and hassle-free checkout time.
The tech is currently used by five stores in Sao Paulo, Brazil, and Mastercard has announced plans to increase partnerships in many countries in the following months.
The cyber and intelligence department of Mastercard explains that since consumers like swift processes, biometrics are preferred by users. The department’s president, Ajay Bhalla, said that with this in mind, Mastercard created the technology.
People using facial recognition technology will dramatically increase over the years. Juniper Research predicts that the number will reach 1.4 billion by 2025, making innovations like Mastercard’s a potent and practical way for consumers to pay their bills or groceries with ease.
Get started with the program
To enroll in the program, users must register their biometrics – fingerprints and photos of themselves. This process can be done thru a phone or payment terminal. When the biometrics are taken, the user can then add a credit card which will be linked to the biometrics priorly taken or input by the user. The Mastercard application takes charge of linking the biometrics and the card details.
This ecosystem is also used by Amazon programmers who are also looking at the biometric system in the purchase of goods in the market.
When stating future plans, Mastercard looks to send the program to other parts of the world like the United States, Europe, the Middle East, and Asia. Bhalla said that the company’s vision is to go global to help consumers transact payments fast and easily.
Users fear data storage and privacy
The use of credit cards and biometrics, such as fingerprints for identification, has been on the rise. While this is great in many ways, there are also some drawbacks, including privacy concerns and identity theft cases. Users want to clarify with the company the storage system used and how their personal info and biometrics are treated.
As an assurance, the company said that the data is encrypted and cannot be breached. Mastercard also explained that upon enrolment, biometrics are replaced by “tokens,” which are translated by a random order of alphanumeric numbers linked to a user’s payment card.
Mastercard is teaming up with other companies to perfect the technology and create linkages around the world. The partnerships will allow them not only to increase their potency but also extend it into new markets as they look for growth opportunities. Among the companies they partnered with include NEC, Fujitsu, Payface, Aurus, PaybyFace, and PopID.
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