Mastercard and NEC Corporation formed a strategic partnership to provide seamless, secure, and innovative, face-based in-store checkout experiences.
Through a signed memorandum of understanding the partnership will implement NEC’s face recognition and liveness verification technology, and Mastercard’s payment enablement and optimised user experience to drive global scale.
Ajay Bhalla, president, cyber and intelligence solutions, Mastercard said: “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.
“This partnership with NEC will enable us to bring exciting new biometric payments to customers in countries across Asia Pacific and lead the world in safe and convenient checkout experiences.”
Takao Iwai, corporate senior vice president and managing director, financial solutions division, NEC Corporation, said: “By utilising NEC's world-class face recognition technology, the new payment system will provide both security and convenience.”
“By collaborating with Mastercard, which has payment assets used around the world, NEC will provide a new payment experience, aiming to create a world where everyone can use digital technology with safety.”
Consumers worldwide are embracing the convenience and security of biometrics. In fact, 82% of consumers in Asia Pacific use at least one form of biometrics already, with the average consumer reporting they use three types. Likewise, businesses are embracing biometric authentication. By 2025, biometrics will authenticate over $3 trillion in payment transactions.
Mastercard’s biometric checkout programme, which launched with a pilot in Brazil last year, is set to transform in-store payments with consumers simply smiling or waving to pay. The programme provides participants with a framework that addresses security, biometric performance, data protection and privacy requirements, for financial institutions, merchants, and technology providers within the ecosystem. NEC is an early enrollee of the programme.
Merchants can benefit from shorter lines, increased security and more hygienic conditions. Additionally, loyalty programmes can be integrated in the checkout system, for faster more tailored offers at purchase as part of any successful business strategy. Biometrics can play a key role in helping merchants build a more engaging relationship with their customers while driving sales.
Mastercard and NEC will showcase this latest payment experience at Singapore Fintech Festival from 15 to 17 November .
Re-disseminated by The Asian Banker