Mastercard and NEC Collaborate to Revolutionize In-Store Payments with Biometrics
In a groundbreaking move aimed at enhancing in-store payment experiences in the Asia Pacific region, Mastercard has joined forces with NEC Corporation to integrate facial recognition technology into their payment solutions, according to Finextra. This collaborative effort signifies a significant milestone in the ongoing evolution of Mastercard’s Biometric Checkout Program, which was initially introduced through a pilot program in Brazil last year.
Under the recently signed memorandum of understanding, Mastercard and NEC will combine their expertise and technologies to revolutionize the way consumers make payments at physical retail locations. NEC’s advanced face recognition and liveness verification technology will be integrated seamlessly with Mastercard’s payment enablement and user experience capabilities.
Mastercard’s Biometric Checkout Program is designed to provide a comprehensive technology framework that sets minimum standards for security, biometric performance, data protection, and privacy requirements. This initiative is a concerted effort to empower merchants, banks, and technology companies with the tools needed to ensure secure and convenient payment transactions.
Ajay Bhalla, President of Cyber and Intelligence Solutions at Mastercard, expressed enthusiasm for the partnership, saying, «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.»
The collaboration between Mastercard and NEC represents a significant step toward advancing the adoption of biometric payment technologies in the Asia Pacific region, ultimately providing consumers with a more secure and frictionless payment experience. As the partnership progresses, it holds the potential to redefine the future of in-store payments not only in Asia Pacific but around the globe.