You don't need any plastic -- all you have to do is show your face when you make purchases through a Mastercard pilot program.
According to the company, you can simply smile at or wave at the camera with a biometric reader to purchase something.
Mastercard's Biometric Checkout Program, which uses the same technology that Apple iPhone owners use to unlock their phones with their faces or fingerprints is available for purchase at retailers. To test the technology, individuals must enroll in the program either in-store or via an app at their home.
Mastercard claims that merchants will benefit from quicker transaction times and shorter checkout lines. Additionally, the system can be integrated with loyalty programs of retailers.
Ajay Bhalla (President of Cyber and Intelligence at Mastercard), stated in a statement that "The way we pay must keep up with how we live, work, and do business. This will offer consumers choice and the highest level of security." We want to make shopping easy for both consumers and merchants, and provide the best in security and convenience.
In partnership with Payface (a digital payment system) and St Marche (a supermarket chain in Sao Paolo), the first Mastercard biometric pilot launched in Brazil this week. Payface will allow consumers to sign up at five participating supermarkets. Additional trias are planned for the Middle East, Asia and Africa.
During the pandemic, many retailers adopted touchless payment technology.
KBV Research, a market researcher company, stated in a report that the outbreak of COVID-19 was the main reason for the acceptance and development of contactless biometric technology. According to the firm, the global market for contactless technology in biometrics will be $18.6 million by 2026.
