The technological approach is only vaguely described but suggests some sort of centrally managed database is utilized which is generally a bad idea for biometric data. Mastercard indicates that this may prove efficient for payments in the Metaverse, but of course nobody uses their real face in the metaverse, they buy their face as an NFT.
“Is it safe?
The use of biometric information for payments raises a host of concerns around privacy and how the data gets collected.
For its part, Mastercard says all the data customers enter into its system is encrypted in such a way that ensures their privacy isn’t compromised.
When you enroll, your face or fingerprint scan is replaced with a “token” — a random string of alphanumeric characters — and then linked to your payment card.
Mastercard said it has created a set of standards to ensure users’ data is protected. The company is working with several other firms to launch the feature, including Fujitsu, NEC, Payface, Aurus, PaybyFace and PopID.”
I hope they publish these standards soon since it is already live in Brazil!
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
