Mastercard has created a new way for people to shop. This innovative technology allows shoppers to make transactions with just their faces or fingerprints. As a result, MasterCard has revolutionized how people will pay, drink at cafes and order food from restaurants in the future.
Launched on Tuesday, Mastercard changes the way people will pay for their goods at stores with its new technology that includes fingerprint scanning and facial recognition. For example, shoppers can show either their faces or hands to complete transactions directly from checkout counters without bothering to check pockets for cash or cents.
The program is currently in use by five stores in Sao Paulo, Brazil. Mastercard plans to increase its reach and extend the program to different corners of the globe.
Ajay Bhalla, the president of the cyber and intelligence department at Mastercard, said that consumers prefer and “love” biometrics. This is because it is faster and easier like opening a phone.
The number of people using facial recognition technology is predicted to grow dramatically over the next few years, with 1.4 billion users projected by 2025, as forecasted by experts at Juniper Research. With this, the new program from Mastercard will become an even more practical way for consumers to pay their bills and groceries.
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To get started, users have to take their biometric records, like fingerprints and photos of themselves so that they will be registered in the system. A user can do the record-taking via phone or payment terminal. When the biometrics are taken, users may add a credit card which will be linked to the user’s registered biometric data using the Mastercard application.
A somewhat similar system is also currently being designed by programmers of Amazon in the United States.
Mastercard plans to expand the program to other parts of the globe, including the Middle East, Europe, Asia, and the United States. Bhalla said that the company wants to make the program a global player so users can use the application in many stores worldwide.
Dangers relating to privacy, a concern among users
Users are concerned about privacy and identity theft when using a credit card to make purchases. The biometric data linked with the cards can lead users to problems because they do not know who has access or how the company will store it.
Mastercard says that the data is encrypted and not susceptible to breach. They also explained that when a user enrolls, biometrics (i.e., fingerprints) are replaced by tokens that register as a random order of alphanumeric numbers linked back with a user’s payment card.
Mastercard has been working hard to make sure that the personal data of its customers remain safe. To improve the system of the program, the company is partnering with other companies like NEC, Payface, Aurus, PaybyFace, PopID, and Fujitsu.
MasterCard’s partnerships will allow it to create linkages between regions around the world, giving the company traction to market its program.
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