Mastercard to allow shoppers to pay with hand or face in stores

Multinational financial services company Mastercard Inc is reportedly testing a new technology that allows shoppers to make payments using their hands or faces at the checkout point.

The company unveiled an initiative for retailers to provide biometric payments like fingerprint scanning and facial recognition. So instead of swiping their card at checkout, consumers can authenticate their payments by showing their hands or faces.

The program has already commenced across five St Marche grocery stores in Brazil and the company intends to release it globally later this year.

Ajay Bhalla, President of Cyber and Intelligence at Mastercard, stated that the company has performed extensive consumer research and concluded that they prefer biometric payments.

According to credible sources, around 1.4 billion people are anticipated to use facial recognition technology to make a payment by 2025. This is more than double from 671 million in 2020.

To sign in on Mastercard, users must scan their fingerprints or click a picture of their face to register it with an app. This can be done at a payment terminal or on a smartphone.

Users can then include a credit card, which gets connected to their biometric data. This tech is like the one trialed by Amazon in the United States.

Mastercard stated that it intends to eventually introduce the program to Europe, the United States, Asia, and the Middle East. The company’s long-term vision is to globalize the technology so that when users store their credentials, they can use them anywhere worldwide.

The feature could consolidate with loyalty plans and make customized recommendations based on preceding purchases.

But the usage of biometric insights for payments raises some concerns regarding privacy and ways of collecting data.

Mastercard clarified that all consumer data integrated into its system will be encrypted in a way that assures no compromise on privacy.

Source credit:

https://www.cnbc.com/2022/05/17/mastercard-launches-tech-that-lets-you-pay-with-your-face-or-hand.html