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Mastercard and NEC Corporation have partnered to bring the trust and convenience of facial recognition technology to in-store checkout. Under a Memorandum of Understanding, the partnership will leverage NEC's face recognition and liveness verification technology with Mastercard's payment enablement.
This collaboration aims to drive global-scale adoption of biometric payments, according to Japan Today.
NEC’s World-Class Face Recognition Technology
A Mastercard press release noted that NEC's renowned face recognition technology will power the new payment system, creating a seamless blend of security and convenience.
Takao Iwai, Corporate Senior Vice President and Managing Director of the Financial Solutions Division at NEC Corporation, emphasized the collaboration's objective: "By utilizing NEC's world-class face recognition technology and partnering with Mastercard, we aim to provide a new payment experience, contributing to a world where everyone can safely embrace digital technology."
Mastercard's Biometric Checkout Program
Consumers worldwide are embracing the convenience and security of biometrics. Surveys reveal that in the Asia Pacific region, 82% of consumers already utilize at least one form of biometric authentication, with the average consumer using three types. The widespread adoption of biometrics is set to authenticate over $3 trillion in payment transactions by 2025.
Mastercard's Biometric Checkout Program, initially piloted in Brazil last year, revolutionizes in-store payments. The program enables consumers to simply smile or wave to complete transactions.
With a comprehensive framework addressing security, biometric performance, data protection, and privacy requirements, the program offers financial institutions, merchants, and technology providers a pathway to participate and reap the benefits.
"As retailing environments evolve and payment options rapidly expand, biometric solutions offer a seamless, quick, and secure checkout process without the need to unlock a phone or insert a PIN," stated Ajay Bhalla, President of Cyber and Intelligence Solutions at Mastercard.
Merchants stand to gain numerous advantages from biometric checkout solutions. Shorter lines, increased security, and hygienic conditions are just a few of the benefits. Additionally, the checkout system allows for seamless integration of loyalty programs, enhancing the overall customer experience.
Photo: Mastercard Newsroom
