Mastercard to use NEC ID verification in biometric payment system
First launched as a pilot in Brazil last year, Mastercard’s new Biometric Checkout Program allows consumers to pay in-store by smiling into the device’s camera or waving across the sensor.
The program gives providers a collaborative framework to establish security, biometric performance data protection and privacy requirements for the finance, merchant, and tech partners involved. NEC provides the program’s biometric matching and liveness algorithms.
Implementing the system can help shorten lines, improve security, and minimize contact, the partners say. The checkout system can also integrate loyalty programs.
It is projected that biometrics will be used to authenticate over $3 trillion in payment transactions by 2025.
“As retailing environments continue to evolve and choices in ways to pay rapidly expand, biometric solutions offer a seamless, quick and secure checkout, without needing to unlock a phone or insert a PIN,” says Mastercard President of Cyber and Intelligence Solutions Ajay Bhalla.
“This partnership with NEC will enable us to bring exciting new biometric payments to customers in countries across Asia Pacific and lead the world in safe and convenient checkout experiences.”
NEC’s face biometrics are already used in retail payment systems, such as in the Osaka Metro.
Mastercard and NEC will display the payment system at the Singapore FinTech Festival that takes place from November 15th to 17th.