Mastercard will soon allow consumers to pay with a smile or a wave, the company has revealed.
The payments giant has announced that it will soon be rolling out a new biometric payment program, which will establish a set of standards that banks, merchants and technology providers must meet when people pay using biometrics.
The announcement comes with research that suggests 74% of global consumers have a positive attitude towards biometric technology, and the contactless biometric technology market is expected to reach $18.6 billion by 2026.
How it works?
Participants in Mastercard’s biometric payment program, such as small businesses accepting payments, will be able to offer consumers the option to enroll in biometric payments.
Once on board, Mastercard says customers can then simply check the bill and smile at a camera or wave at 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 increased security.
The upcoming payment 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 launch this week in Brazil with local start-up Payface and supermarket chain St Marche. The pilot will see Payface’s technology implemented in five St Marche supermarkets in São Paulo.
Mastercard says future pilots are rolling out in the Middle East and Asia, and it’s working with partners including NEC, Aurus, PaybyFace, PopID and Fujitsu.