Bloomberg Line — The unequivocal recognition of people through their physical features continues to prevail in technology, and now fingerprint or facial recognition is not only used to unlock a smartphone or access an account, but also to make payments.
The multinational financial services company Mastercard Inc. (MA), announced on Tuesday the global launch of a new technology that will use facial recognition to “new forms of payment in stores of all sizes, from major retailers to mom-and-pop stores”according to an official statement.
The company indicated that a quick smile or a wave of the hand will be enough for the payment to be made. In this way, you will take contactless payments one step further.
To do this, merchants will offer consumers the ability to sign up – either in-store or through an identity provider or app – by assigning their chosen gesture to a bank card they own. After this process, consumers can simply review the bill and make their chosen gesture to the reader to pay.
This form of payment, according to the company, will have a positive impact on both the customer and the merchant, who You’ll see everything from faster transaction times and shorter lines, to improved hygiene and safety in your establishment.
To ensure the security of this payment method, which will be tested with retailers, Mastercard assured that a set of standards were established, to which banks, merchants and technology providers joined, to guarantee the security and privacy of personal data.
The official text indicates that there are companies involved in the construction of this new biometric payment method such as NEC, Payface, Aurus, PaybyFace, PopID and Fujitsu Limitednot only to guarantee the launch but to scale it globally.
“The way we pay must keep pace with the way we live, work and do business, offering options to consumers with the highest levels of security”, explained Ajay Bhalla, president of Cyber and Intelligence at Mastercard.
The first tests of this technology will be done this week in Sao Paulo, Brazil, where it will be launched with the company Payface and St. Marche, in a supermarket chain. In these spaces, customers will be able to register their face and payment information and then pay at the checkout without the need for a card or mobile device.
“We have been developing Payface since 2018, with a mission to help transform the way people pay, improving the experience, without compromising security”Eládio Isoppo, CEO of Payface, added in a statement.
In the fourth quarter of 2021, nearly half of Mastercard’s in-person commuted transactions globally were in contactless payment, and the company expects that by 2026, contactless card transactions will grow to US$6.7 trillion.
The company specified that in the world 74% of consumers welcome biometric technology and that this contactless payment market could reach US$18.6 billion by 2026.