Consumers worldwide are embracing the convenience and security of biometrics. In fact, 82%1 of consumers in Asia Pacific use at least one form of biometrics already, with the average consumer reporting they use three types. Likewise, businesses are embracing biometric authentication. By 2025, biometrics will authenticate over $3 trillion in payment transactions.
In an everchanging digital environment, merchants and consumers are looking for more seamless, secure, and innovative checkout experiences. „Now, the trusted technology that uses your face to unlock your phone or tablet can soon be used to help consumers speed through in-store checkout thanks to a strategic partnership between Mastercard and NEC Corporation.” according to a press release.
„Through a signed Memorandum of Understanding the partnership will implement NEC’s face recognition and liveness verification technology, and Mastercard’s payment enablement and optimized user experience to drive global scale.” the company explains.
„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.”
„By utilizing NEC’s world-class face recognition technology, the new payment system will provide both security and convenience,” said Takao Iwai, Corporate Senior Vice President and Managing Director, Financial Solutions Division, NEC Corporation. „By collaborating with Mastercard, which has payment assets used around the world, NEC will provide a new payment experience, aiming to create a world where everyone can use digital technology with safety.„
Mastercard’s Biometric Checkout Program, which launched with a pilot in Brazil last year, is set to transform in-store payments with consumers simply smiling or waving to pay. The Program provides participants with a framework that addresses security, biometric performance, data protection and privacy requirements, for financial institutions, merchants, and technology providers within the ecosystem. NEC is an early enrollee of the Program.
Merchants can benefit from shorter lines, increased security and more hygienic conditions. Additionally, loyalty programs can be integrated in the checkout system, for faster more tailored offers at purchase as part of any successful business strategy. Biometrics can play a key role in helping merchants build a more engaging relationship with their customers while driving sales.
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1 Mastercard Biometric Checkout Program Consumer Research, 2022
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
