Matthew BoyleRetailers and customers are looking for more smooth, safe, and cutting-edge checkout experiences in a constantly evolving digital environment.
Thanks to a strategic alliance between Mastercard and NEC Corporation, the technology that uses your face to unlock your phone or tablet will quickly be used to speed up in-store checkout for customers.
The partnership will use Mastercard’s payment system, face recognition and liveness verification technology, and optimized user experience to drive global scale through a written Memorandum of Understanding.
According to Ajay Bhalla, President of Cyber and Intelligence Solutions @ Mastercard, biological solutions provide a smooth, quick, and safe checkout without needing to unlock phones or insert PINs as retailing environments continue to change and options for paying quickly expand.
The innovative payment system will offer both security and convenience thanks to NEC’s cutting-edge face recognition technology, according to Takao Iwai, Corporate Senior Vice President and Managing Director, Financial Solutions Division, NEF Corporation. NEC will offer a new payment experience by working with Mastercard, which has payment assets in use all over the world. This is done in an effort to make it safe for everyone to use modern technology.
The security and convenience of biometrics are being embraced by consumers all over the world.
In fact, 82 % of consumers in the Asia Pacific region currently use at least one type of biometrics, with three types being reported by the average consumer.
Businesses are also embracing biological authentication. Biometrics will be able to verify over $ 3 trillion, in payment transactions by 2025.
The Mastercard , Biometric Checkout Program, which debuted with a pilot in Brazil last year, aims to revolutionize how customers pay in-store by merely grinning or waving.
The Program gives participants access to a framework that addresses the needs of economic institutions, retailers, and technology providers in the ecosystem in terms of security, biological performance, data protection and privacy. NEC is one of the Program’s first enrollees.
This program however calls for numerous problems, which we already highlighted multiple time at SmartCityConsultant.com . We advice our users to avoid, as long as possible, biometrics technologies.
