The partnership between Mastercard and NEC Corporation will bring the Biometric Checkout Program to the Asia Pacific region, expanding reach across the globe. — Photo courtesy of the company
The trusted technology that uses your face to unlock your phone or tablet can soon be used to help consumers speed through in-store checkout thanks to a strategic partnership between Mastercard and NEC Corporation.
Under the framework of a recent 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.
“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,” said Ajay Bhalla, President, Cyber and Intelligence Solutions, Mastercard. “This partnership with NEC will enable us to bring exciting new biometric payments to customers in countries across the Asia Pacific and lead the world in safe and convenient checkout experiences.”
“By utilising NEC's world-class face recognition technology, the new payment system will provide both security and convenience,” said Takao Iwai, Corporate Senior Vice President and Managing Director, Financial Solutions Division, NEC Corporation.
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 November 15 to 17.
Consumers worldwide are embracing the convenience and security of biometrics. In fact, 82 per cent 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. — VNS