Credit Card News: Technology

Mastercard recently launched tech that allows retailers to offer biometric payment methods, like facial recognition and fingerprint scanning.

Biometric identification is a growing market, and although the desire to innovate in this field is not new, Mastercard is now going a step further with a tech currently being tested. The company is piloting new biometrics-based technology that lets customers make payments by either waving their hand or smiling at a camera.

The program has already been trialed in five St Marche grocery stores in São Paulo, Brazil. Consumers visiting these supermarkets can enroll their face and payment information through the Payface app, and once registered, simply smile or wave their hand to pay at the checkout without a card or mobile device. According to media reports, Mastercard plans to roll it out to the United States, Europe, the Middle East and Asia at a later date.

Supporting the evolution of payments and doing business in the metaverse, Mastercard has already rolled out its recent innovations such as Shop Anywhere, Enhanced Contactless (ECOS) and Cloud Point of Sale, provided consumers and merchants with flexible and secure in-store experiences.

The new checkout capability is beneficial for all participants. Consumers will be offered an opportunity to conveniently enroll into the services, in store or at home, through a merchant or an app. Once enrolled, there’s no need to slow down at the checkout line searching through their credit card or smartphone. Consumers can simply check the bill and smile into the camera or wave their hand over a reader to pay.

For merchants, the benefits are also significant, from faster transactions and shorter waiting time in lines to enhanced security. In addition, the payments system can be integrated with loyalty programs and personalized recommendations.

Mastercard eventually foresees its system becoming globally integrated, allowing customers to access their profiles and payment data seamlessly anywhere around the globe as the way we pay needs to keep pace with the way we live, work and do business.