FB pixel

Biometrics will help make higher purchase limits permanent amid cashless push: Mastercard exec

Biometrics will help make higher purchase limits permanent amid cashless push: Mastercard exec

Biometric authentication will allow contactless digital payment limits to be kept higher than would otherwise be possible, a Mastercard executive said during a recent Tech Means Business podcast.

Mastercard Senior Vice President of Digital Payments for Asia Pacific Ben Gilbey discussed the company’s efforts towards enabling cashless, contactless transactions around the world. Those efforts include research at Mastercard labs in Singapore on biometric authentication, as well as robotics, machine learning, unattended retail, contactless technology and wearables.

COVID-19 and safety concerns have boosted digital payments, and a majority of consumers see the shift as permanent, Mastercard research shows.

Gilbey notes some significant differences between markets in the region, such as cash remaining king in Japan, where roughly 80 percent of transactions are conducted with physical currency, in contrast with China.

Android devices with NFC chip functionality can essentially replace point of sale systems with a less expensive and more mobile alternative.

The use of biometrics will allow limits on contactless purchase amounts to be further relaxed going forward, according to Gilbey, including the use of the technology with digital wallets and services like Apple Pay, Google Pay, and Samsung Pay.

Gilbey also discusses the company’s relationship with startups and other challengers in the payment space. He says Mastercard often partners with innovators, as it did with Apple for Apple Pay, and mentions a partnership with Tapi, which makes watch straps embedded with chips for digital payments. Payment through biometric facial recognition represents “arguably the ultimate in contactless and wearable payments,” with liveness proofing through blinking as a frictionless experience.

Tech Means Business host Joe Green and Gilbey also discussed the failure of cryptocurrency to gain traction in the mainstream economy, and the uncertainty around fees and timing in money transfers.

Mastercard’s relationships with companies utilizing biometrics include ownership of Nudata and a partnership on biometric hashing with Trust Stamp.

Article Topics

 |   |   |   |   |   |   |   |   | 

Latest Biometrics News


Biometric age estimation graduates with high marks from NIST, ACCS

The inaugural evaluation of biometric age estimation technologies previewed at the Global Age Assurance Standards Summit 2024 has been published….


Specification to unite decentralized identity schemes opens door to new applications

The decentralized identity community is integrating OpenID’s protocols for verifiable credentials with DIDComm to give businesses a way to utilize…


Nametag patents method for solving user lockouts during MFA resets

Resetting a password for an account with multi-factor authentication (MFA) enabled can often lead to challenges that sometimes require users…


Sumsub puts numbers to deepfakes preceding elections; govts take action

An internal analysis conducted by Sumsub shows a substantial rise in deepfake content leading up to the 2024 elections in…


IBM loses institutional investor over biometrics sales to Israel

A major Norwegian assets management company Storebrand says it has got rid of its investments in US technology company IBM…


FIDO Alliance introduces passkey Design Guidelines to optimize UX

New guidance on how to implement passkeys for optimal user experience have been published by the FIDO Alliance. FIDO’s Design…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events