Global payment giant Mastercard has joined forces with NEC Corporation, a technology solutions provider, to introduce cutting-edge facial recognition technology to in-store checkout systems.
In response to the evolving digital landscape, Mastercard and NEC have signed a Memorandum of Understanding to integrate NEC's face recognition and liveness verification technology with Mastercard's payment enablement and optimised user experience.
The strategic partnership aims to create a more seamless, secure and innovative in-store checkout experience for consumers globally.
The future of biometric payments unveiled
Consumers worldwide are increasingly adopting biometric solutions for their convenience and security benefits. According to recent data, 82% of consumers in the Asia Pacific region already use some form of biometrics, with an average of three types per individual.
The collaboration between Mastercard and NEC seeks to capitalise on this trend, offering a biometric payment system that eliminates the need for unlocking phones or entering PINs.
Mastercard's Biometric Checkout Programme, initiated with a pilot in Brazil in 2022, is at the forefront of this revolution. Participants in the programme can make in-store payments by simply smiling or waving, providing a secure yet effortless transaction process.
NEC, an early enrolee in the programme, brings its world-class face recognition technology to enhance the security and convenience of this innovative payment experience.
Benefits for merchants and consumers alike
Merchants stand to gain significant advantages from this collaboration, including shorter lines, heightened security and improved hygiene conditions.
The integration of loyalty programmes into the checkout system also offers the potential for faster, more tailored offers, aligning with successful business strategies.
The partnership's goal is not only to streamline the payment process but also to cultivate a more engaging relationship between merchants and customers, ultimately driving sales.
Mastercard and NEC will unveil this groundbreaking payment experience at the Singapore Fintech Festival from 15 to 17 November.
The showcase aims to demonstrate the potential of facial recognition technology in transforming the future of in-store payments and providing a glimpse into the next generation of secure, convenient and innovative checkout experiences.
