Mastercard partners with technology companies such as NEC, Payface, Aurus, PaybyFace, PopID and Fujitsu
Mastercard biometrics program will allow payment authentication with a smile. Source: shutterstock.com
Mastercard has launched an initiative to set the standard for biometric payment authentication and promises to enable consumers to pay with a smile, according to ComputerWeekly.com.
The card giant’s Biometric Payments Initiative is a framework designed to set technical security and privacy standards for merchants, banks, and technology providers developing biometric payment authentication services.
Companies participating in the program can offer consumers biometric payments through an app. Biometric authentication has been proven effective and is an acceptable additional step for consumer payments.
HSBC said last year it cut phone banking fraud by 50% after implementing a biometric security system that authenticates customers by voice. About 2.8 million customers have signed up to use the voice recognition system due to increased demand for phone banking services during the pandemic. The bank estimates that added security layers last year prevented ￡249m of UK customer funds from falling into the hands of criminals.
Meanwhile, Mastercard cited an Idemia study that found that 74% of consumers have a positive view of biometrics.
Mastercard launched its first pilot in Brazil with biometric company Payface and supermarket chain St Marche. Payface’s technology will be used in five St. Marche supermarkets in S?o Paulo. Participating consumers register their face and payment information through the Payface app, then pay at checkout with a smile, without the need for a card or mobile phone.
We’ve reported that Ripple unveiled its first customer in Lithuania.
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