Mumbai: Mastercard and NEC have collaborated to advance in-store biometric payments.
Through a signed Memorandum of Understanding the partnership will implement NEC’s face recognition and liveness verification technology, and Mastercard’s payment enablement and optimized 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 Asia Pacific and lead the world in safe and convenient checkout experiences.”
“By utilizing 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.
“By collaborating with Mastercard, which has payment assets used around the world, NEC will provide a new payment experience, aiming to create a world where everyone can use digital technology with safety.”
Mastercard’s Biometric Checkout Program, 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 Program 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 Program, according to a media statement here on Tuesday.
Merchants can benefit from shorter lines, increased security and more hygienic conditions. Additionally, loyalty programs 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.
