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Mastercard is piloting new technology that lets shoppers make payments with just their face or hand at the checkout point.
Mastercard is piloting new technology that lets shoppers make payments with just their face or hand at the checkout point.
The company launched a program for retailers to offer biometric payment methods, like facial recognition and fingerprint scanning. At checkout, users will be able to authenticate their payment by showing their face or the palm of their hand instead of swiping their card.
The program has already gone live in five St Marche grocery stores in Sao Paulo, Brazil. Mastercard says it plans to roll it out globally later this year.
"All the research that we've done has told us that consumers love biometrics," Ajay Bhalla, Mastercard's president of cyber and intelligence, told CNBC.
"They want to make a payment at a store to be as convenient as opening their phone."
About 1.4 billion people are expected to use facial recognition technology to authenticate a payment by 2025, more than doubling from 671 million in 2020, according to a forecast from Juniper Research.
How does it work?
To sign up on Mastercard, you take a picture of your face or scan your fingerprint to register it with an app. This is done either on your smartphone or at a payment terminal. You can then add a credit card, which gets linked to your biometric data.
It's similar to tech that's being trialed by Amazon in the U.S.
Mastercard says it plans to bring the program to the U.S., Europe, the Middle East and Asia at a later date.
In the long run, Mastercard's vision is to make the tech "globally interoperable," Bhalla said. "So once you've stored your credentials, you could use this anywhere."
The feature could integrate with loyalty schemes and make personalized recommendations based on previous purchases, Mastercard said.
www.cnbc.com
Mastercard is piloting new technology that lets shoppers make payments with just their face or hand at the checkout point.
The company launched a program for retailers to offer biometric payment methods, like facial recognition and fingerprint scanning. At checkout, users will be able to authenticate their payment by showing their face or the palm of their hand instead of swiping their card.
The program has already gone live in five St Marche grocery stores in Sao Paulo, Brazil. Mastercard says it plans to roll it out globally later this year.
"All the research that we've done has told us that consumers love biometrics," Ajay Bhalla, Mastercard's president of cyber and intelligence, told CNBC.
"They want to make a payment at a store to be as convenient as opening their phone."
About 1.4 billion people are expected to use facial recognition technology to authenticate a payment by 2025, more than doubling from 671 million in 2020, according to a forecast from Juniper Research.
How does it work?
To sign up on Mastercard, you take a picture of your face or scan your fingerprint to register it with an app. This is done either on your smartphone or at a payment terminal. You can then add a credit card, which gets linked to your biometric data.
It's similar to tech that's being trialed by Amazon in the U.S.
Mastercard says it plans to bring the program to the U.S., Europe, the Middle East and Asia at a later date.
In the long run, Mastercard's vision is to make the tech "globally interoperable," Bhalla said. "So once you've stored your credentials, you could use this anywhere."
The feature could integrate with loyalty schemes and make personalized recommendations based on previous purchases, Mastercard said.
Mastercard launches tech that lets you pay with your face or hand in stores
Mastercard on Tuesday launched a program that allows retailers to offer biometric payment methods, like facial recognition and fingerprint scanning.
www.cnbc.com 
