Mastercard biometric payment feature will first launch this week as a pilot in five St Marche supermarkets in São Paulo, Brazil. Later, the company will expand the program.
On Tuesday, payment giant Mastercard Inc (NYSE: MA) announced the launch of a new tech feature that allows customers to make biometric payments with just their face or hand at the checkout point. It seems that its Mastercard Biometric Checkout Program is even easier than Apple Pay as all the customers have to do is smile into a camera or wave their hand over a reader to make a payment.
Ajay Bhalla, Cyber & Intelligence President at Mastercard, explained:
“The way we pay needs to keep pace with the way we live, work and do business, offering choice to consumers with the highest levels of security. Our goal with this new program is to make shopping a great experience for consumers and merchants alike, providing the best of both security and convenience.”
According to the press release, Mastercard’s initiative is a first-of-its-kind technology framework that will help the company develop standards for new ways to pay at stores of all sizes. As Mastercard has said, 74% of consumers worldwide have a positive attitude towards biometric technology. In 2020, 671 million people used facial recognition technology. This number is predicted to reach 1.4 billion in 2025. Besides, by 2026, the market for biometrics technology is expected to reach $18.6 billion. Therefore, Mastercard is keeping pace with the tech developments, improving customers’ experience.
Mastercard biometric payment feature will first launch this week as a pilot in five St Marche supermarkets in São Paulo, Brazil. Later, the company will expand the program.
How Mastercard Biometric Checkout Program Works
To launch the biometric checkout, Mastercard has partnered with NEC, Payface, Aurus, PaybyFace, PopID, and Fujitsu Limited. According to Mastercard, the technology is secure and protective. It works by encrypting the data of customers in such a way that guarantees their privacy. When enrolled in the system, customers just need to have a look at their bill, smile into a camera, or wave their hand over a reader to pay. As a result, they save their time and have a fast and secure checkout experience. Besides, it allows customers to choose the way they want to pay.
Meanwhile, retailers are taking advantage of such a program as well due to faster transaction times and shorter lines that lead to greater hygiene and heightened security.
Mastercard has long been exploring biometrics. Its Biometric Checkout Program is the next step toward technology adoption. It follows a suite of recent other innovations, such as Shop Anywhere, Enhanced Contactless (ECOS), and Cloud Point of Sale.
Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.
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