In a rapidly changing digital age, merchants and consumers alike expect advanced, secure, and seamless payment experiences.
Thanks to a strategic partnership between Mastercard and NEC Corporation, facial recognition technology to unlock phones or tablets will soon be available in stores, providing consumers with a fast payment experience.
Under the memorandum of understanding, NEC's technologies including facial recognition and Liveness verification will be integrated with Mastercard's payment support and user experience optimization capabilities on a global scale.
“ As the retail landscape continues to evolve and payment options become more diverse, biometric solutions offer consumers a seamless, fast and secure payment experience without the need to unlock their phone or enter a PIN,” said Ajay Bhalla, President, Cyber and Intelligence, Mastercard.
The partnership between Mastercard and NEC will bring new and exciting biometric payment technology to consumers in multiple countries across the Asia Pacific region, promising to lead the world in secure and convenient payment experiences .”
“ By applying NEC’s world-leading facial recognition technology, the new payment system will ensure safety and convenience for consumers, ” said Mr. Takao Iwai, Senior Vice President and Managing Director, Financial Solutions Division, NEC Corporation.
Consumers around the world are responding positively to the convenience and security of biometric technology. In fact, 82% of consumers in the Asia- Pacific region have used at least one form of biometric technology, while the average person uses three different biometric methods.
Similarly, many businesses are also adopting biometric authentication technology, which is expected to authenticate more than $3 trillion in payment transactions by 2025.
Merchants will benefit from reduced checkout times, increased security, and reduced contact for consumers. Additionally, loyalty programs can be integrated into the payment system, allowing customers to receive relevant offers quickly during the checkout process.
This is one of the key factors that make up a successful business strategy. Biometric technology can play an important role in helping sellers build strong relationships with customers and boost sales.
Bao Anh
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