Mastercard announced the start of NEC’s partnership to introduce biometric control in the Asia-Pacific region.
The cooperation between the two companies became known on Tuesday, November 14. As part of the implementation of this partnership, NEC technologies for face recognition and viability verification, and Mastercard payment transaction algorithms will be used. Cooperation between the two companies begins at a time when the number of consumers and businesses that apply biometrics is gradually increasing.
Ajay Bhalla, Mastercard’s president of cybersecurity and intelligence solutions, said that the range of payment methods is expanding against the background of the ongoing development of the retail sector. According to him, biometric technology provides secure, fast, and trouble-free identity verification, which does not require you to unlock your smartphone or enter a PIN code. He also noted that Mastercard’s cooperation with NEC will provide access to exciting biometric payments to customers in the Asia-Pacific region. In his opinion, the mentioned region will become a world leader in the sphere of safe and convenient checkout experiences.
Last year, Mastercard launched a biometric verification program in Brazil. In this country located in Latin America, the offer Smile and Pay was presented to consumers. In this case, a smile or a wave of the hand allows users to carry out payment financial operations. The company claims that the advantages of an innovative technological solution include shorter lines, improved safety, and enhanced hygiene conditions. Mastercard states that in this case, a more attractive customer experience is also provided.
In September, the payment giant began cooperating with Mercedes. Drivers of cars of the specified manufacturer can carry out payment transactions while in the cabin of the vehicle. In this case, fingerprint recognition technology is used.
Currently, an active launch of financial solutions providing consumers with access to biometric payments is being recorded. For example, the e-commerce giant Amazon is integrating radio frequency identification tags into its biometric-first Just Walk Out retail stores.
Financial products offered by companies are conditioned by changes in consumer preferences. Experts say that firms’ customers prefer convenience and speed when they have to choose the method of making payment transactions.
In the United States, according to the results of a survey of financial services consumers, it was found that almost 60% of them had made purchases on virtual platforms during the previous 30 days, 51% of respondents used biometric data as part of the corresponding activity in the digital space.
Currently, the most popular biometric methods are facial recognition and fingerprint scanning. However, not everyone is ready to use such payment technologies. In the United States, during a survey on the relevant topic, 72% of consumers said that they were not interested in biometric solutions, but they were ready to change their position if certain rewards or discounts were provided.
As we have reported earlier, Mastercard and Remitly Integrate Solutions to Expand Remittance Access.