Mastercard has announced it is partnering with face recognition tech company NEC Corporation to advance in-store biometric payments.
The card issuer said that through the partnership, the same technology used to unlock phones or tablets will soon be used at in-store checkouts in the Asia Pacific region.
Mastercard says its Biometric Checkout Program, which launched with a pilot in Brazil in 2022, will "transform in-store payments" by allowing consumers to pay by simply smiling or waving.
Research by the company published last year found that 82 per cent of consumers in Asia Pacific already use at least one form of biometrics.
The partnership will implement NEC's face recognition and liveness verification technology alongside Mastercard's payment enablement to "drive global scale", with Mastercard saying they plan to roll out the biometric payments tech to further regions in the future.
According to Mastercard, by 2025 biometrics will authenticate over $3 trillion in payment transactions.
"As retailing environments continue to evolve and choices in ways to pay rapidly expand, biometric solutions offer a seamless, quick and secure checkout, without needing to unlock a phone or insert a PIN,” said Ajay Bhalla, president, cyber and intelligence solutions, Mastercard. "This partnership with NEC will enable us to bring exciting new biometric payments to customers in countries across Asia Pacific and lead the world in safe and convenient checkout experiences."
Latest News
-
MPs publish damning report calling FCA 'incompetent' and 'dishonest'
-
HSBC rolls out new BNPL service to OVO customers
-
BNY introduces new buy-side platform
-
Revolut reveals 2025 vision featuring AI assistant, mortgages, and ATMs
-
UniCredit makes surprise bid for Banco BPM in Italian banking shake-up
-
ZA Bank launches cryptocurrency trading in ‘Asia first’
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.
Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.
From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories