Mastercard has announced that it is currently testing a biometric tech innovation designed to let consumers make payments using just their faces or hands at checkouts.
The new tool leverages facial recognition and fingerprint scanning technology to enable customers to authenticate their payments without the need for a card or phone. So far, the new tool is being implemented in five St Marche grocery stores in Brazil. If successful, Mastercard has stated that it will roll out the new technology in more countries over the course of the next year.
"All the research that we’ve done has told us that consumers love biometrics... they want making a payment at a store to be as convenient as opening their phone," explains Ajay Bhalla, Mastercard’s president of cyber and intelligence.
Seamless Biometric Payment Tools
Mastercard is Testing a New Face Scanning Payment Solution
Trend Themes
1. Biometric Payment Solutions - Opportunity for businesses to adopt biometric authentication technology for payment processing, enhancing consumer convenience and payment security.
2. Facial Recognition Payments - Opportunity for businesses to implement payment technology that allows consumers to make quick and secure payments using facial recognition, streamlining checkout processes and enhancing customer experience.
3. Fingerprint Scanning Payments - Opportunity for businesses to implement convenient payment solutions that use encryption technology, allowing customers to efficiently process payments without needing a card or phone.
Industry Implications
1. Retail - Retailers can benefit from adopting biometric payment solutions, including facial recognition and fingerprint scanning, to streamline the checkout process and enhance customer convenience and security.
2. Payments - Payment processing companies can capitalize on the trend of biometric payment solutions, including facial recognition and fingerprint scanning, to offer fast, secure, and convenient payment options to consumers.
3. Cybersecurity - Opportunity for the cybersecurity industry to improve biometric authentication and encryption technology for payment processing, offering enhanced security and fraud prevention measures for businesses and consumers.