Globally, 74% of consumers have a positive attitude towards biometric technology, and the market for contactless biometrics technology is projected to reach $18.6 billion by 2026
Unlocking the next generation of cashless payment options, Mastercard has launched a Biometric Checkout Program, enabling consumers to shop with a finger tap, or by simply showing up with a smile.
According to a statement, the program represents a first-of-its-kind technology framework to help establish minimum standards for new ways to pay at stores of all sizes, from major retailers to SMEs.
Globally, 74% of consumers have a positive attitude towards biometric technology, and the market for contactless biometrics technology is projected to reach $18.6 billion by 2026, Mastercard explained.
“The way we pay needs to keep pace with the way we live, work and do business, offering choice to consumers with the highest levels of security,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “Our goal with this new program is to make shopping a great experience for consumers and merchants alike, providing the best of both security and convenience.”
Participants in Mastercard’s Biometric Checkout Program offer consumers the option to conveniently enroll into their biometric checkout services, in store or at home, through a merchant or identity provider app. Once enrolled, there is no need to slow down the checkout queue searching through their pockets or bag. Consumers can simply check the bill and smile into a camera or wave their hand over a reader to pay. The new technology ensures a fast and secure checkout experience, whilst also empowering consumers to choose how they want to pay.
On the business side, businesses will benefit from from faster transaction times and shorter lines to greater hygiene and heightened security. Mastercard also noted that the system can be integrated with loyalty programs and personalized recommendations to help consumers find products they might be interested in based on previous purchases.
The program begins its first pilot in Brazil with Payface and St Marche, where consumers visiting certain St Marche supermarkets in Sao Paolo will be able to join the program, allowing them to pay with a finger tap or a smile at checkout without a card or mobile device.
Future pilots are being planned for roll out in the Middle East and Asia.
