Mastercard will soon allow consumers to pay with a smile or a wave, the company has revealed.
The payments giant announced it will soon roll out a new Biometric Checkout Program, which will lay out a set of standards for banks, merchants, and technology providers to adhere to when people pay using biometrics.
The announcement comes alongside research that suggests 74% of global consumers have a positive attitude towards biometric technology, and the market for contactless biometrics technology is projected to reach $18.6 billion by 2026.
How does it work?
Participants in Mastercard’s Biometric Checkout Program, such as small businesses taking payments, will be able to offer consumers a chance to sign up for biometric payments.
Once onboarded, Mastercard says customers will then be able to simply check the bill and smile into a camera or wave their hand over a reader to pay.
Mastercard highlighted benefits for merchants processing credit card payments, such as faster transaction times and shorter lines, as well as greater hygiene and heightened security.
The upcoming payments system can also be integrated with loyalty programs and personalized recommendations to help consumers find products they might be interested in based on previous purchases according to Mastercard.
The first pilot is set to be launched this week in Brazil with local start-up Payface and supermarket chain St Marche. The pilot will see Payface’s technology implemented across five St Marche supermarkets in São Paulo.
Mastercard says future pilots are being planned for roll-out in the Middle East and Asia, and that its working with partners such as NEC, Aurus, PaybyFace, PopID and Fujitsu.
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Will McCurdy has been writing about technology for over five years. He has a wide range of specialities including cybersecurity, fintech, cryptocurrencies, blockchain, cloud computing, payments, artificial intelligence, retail technology, and venture capital investment. He has previously written for AltFi, FStech, Retail Systems, and National Technology News and is an experienced podcast and webinar host, as well as an avid long-form feature writer.