Mastercard is working with NEC to incorporate its face recognition technology into physical store locations throughout the Asia-Pacific region, encouraging consumers to pay for goods and services in a quicker manner.
The Asia-Pacific market is ripe for biometric technology as evidenced by Mastercard’s Biometric Checkout Program Consumer Research conducted last year, which found that 82% of consumers are already using at least one type of biometric capability.
“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,” said Ajay Bhalla, President, Cyber and Intelligence Solutions at Mastercard, in a prepared statement.
Biometrics Continue to Gain Ground Worldwide
Biometric payments are gaining traction worldwide, particularly for their ease of use. Biometrics technology leverages the physical characteristics that are unique to an individual—such as their voice, face, or eyes. In a payments scenario, the technology automatically verifies an individual’s identity before completing the transaction.
For consumers, biometrics are a faster payment option, especially because they don’t have to input their password or pin.
Biometric payments are also a win for merchants in their continued fight against fraud. That’s because the data that’s unique to the individual consumer can’t be replicated.
Real-World Examples
This form of payment isn’t new. In fact, Japan launched its first facial recognition payment project in 2018, within a “regulatory sandbox.” Today, it has grown into a reputable consortium where dozens of companies have come together to launch more biometric fintech solutions.
Similarly, Nigerian-based startup Torche is working to relieve pain points in the current payment infrastructure. At present, many people still don’t own a smartphone and can’t participate in any payment systems that require the use of apps. Through its biometric payment offerings, Torche hopes to help customers process payments by simply using their fingerprint or facial features.
