Mastercard and NEC collaborate on in-store facial biometric payments

Mastercard has announced it is partnering with face recognition tech company NEC Corporation to advance in-store biometric payments.

The card issuer said that through the partnership, the same technology used to unlock phones or tablets will soon be used at in-store checkouts in the Asia Pacific region.

Mastercard says its Biometric Checkout Program, which launched with a pilot in Brazil in 2022, will "transform in-store payments" by allowing consumers to pay by simply smiling or waving.

Research by the company published last year found that 82 per cent of consumers in Asia Pacific already use at least one form of biometrics.

The partnership will implement NEC's face recognition and liveness verification technology alongside Mastercard's payment enablement to "drive global scale", with Mastercard saying they plan to roll out the biometric payments tech to further regions in the future.

According to Mastercard, by 2025 biometrics will authenticate over $3 trillion in payment transactions.

"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 Asia Pacific and lead the world in safe and convenient checkout experiences."

    Share Story:

Recent Stories

Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.