Take a sefie to process transactions
By Lee Bell
Fri Jul 03 2015, 13:31
MASTERCARD HAS announced plans to roll out a verification technology that requires a selfie to process payments.
The industry's latest move in the shameless act of narcissism is a biometric face scanning technology that will let customers replace their PINs with their face, according to MasterCard chief product security officer, Ajay Bhalla.
Bhalla told CNN Money that the multinational financial services corporation has teamed up with all the major phone manufacturers to deliver the technology.
"The new generation, which is into selfies, I think they'll find it cool. They'll embrace it. This [app] seamlessly integrates biometrics into the overall payment experience," he said.
"You can choose to use your fingerprint or your face. You tap it, the transaction is OK'ed and you're done."
The selfie payment feature will roll out on a trial basis first in the US, with a full scale deployment to follow at an unspecified date.
The system requires users to blink when prompted once they have held their device at eye-level for the checkout process to complete.
This ensures that potential cyber crooks cannot use a still image of the user to hack into their personal account.
MasterCard announced last month that all retail outlets across Europe will accept contactless payments by 2020, paving the way for wider adoption of mobile payment solutions.
Mike Cowan, head of emerging payments products at MasterCard, revealed at the company's Future of Payments event in London that Europeans will soon be able to tap to pay anywhere.
"From the beginning of 2016 any new payment terminal that gets deployed must accept contactless, and every single terminal must accept it by 2020," he said.
This means that new point of sale terminals must adhere to the new standard on deployment from 1 January 2016, while existing terminals that don't yet support contactless payments must be replaced by 1 January 2020 at the latest. µ