PIN or chip NFC has become an earlier technology and has been widely used. Credit card company Mastercard wants to use biometric authentication soon. Here, the face or hands will be the key. We now take it for granted that we can unlock a smartphone or notebook using Facial Recognition.
They now want to go one step further and even allow payment transactions via facial recognition. The company wants to use retail outlets in various locations around the world as a testing ground. The system, which uses a smile or a waving gesture to authenticate payment transactions. This will later likely be used initially at self-pay counters.
Everything should be possible if you verify yourself first with the appropriate application. Once this is done, fast payment processing without a credit card or smartphone should no longer be a problem. The first regions with suitable pilot projects are South America, Asia and the Middle East. However, for the countries involved, this has not been explained in detail.
Mastercard continues to improve after the pandemic
The idea of using faces or hand signals to pay is of course not just about saving time. Moreover, it is a very hygienic payment process. After all, you don’t have to type in numbers or sign names with a pen. All you have to do is look at the camera. This is also made clear by the market analysis commissioned by Mastercard.
According to provider, there will be great demand for such a system in the next few years. According to them, this can then be used not only for payments. However, as is often the case with new authentication methods, there are always problems. For example such issues as security standards and data protection will also be relevant here.
You might think that cybercriminals would find this a good target. To allay these concerns from the outset, Mastercard stressed that it would cooperate with all parties. This applies not only to the company where the payment is made, but also to the customer’s bank.