For many years, Mastercard has sought to innovate in an industry that counts on its success. Of course, the company wants increase the security of your debit cards and plans to retire its magnetic tapes by 2024. However, the latter is also interested in new technologies, as demonstrated by its recent integration of cryptocurrencies into its system. Mastercard relies on these new technologies revolution in the banking industry.
This week, the company is testing a brand new program that really promises to be discussed. No need to search for your lost debit card at the bottom of your bag: Mastercard, pay with your smile. For this, users will be able to stand in front of a camera placed in the safe and proceed to payment with a smile. The system also recognizes hand signals.
Mastercard wants to revolutionize our payment methods
According to Mastercard, the benefits are numerous. First, this technology will allow expedite payments and actually, reduce the queues. Then, the company also puts forward the hygiene argument, which inevitably hits the target, at a time when the Covid-19 pandemic continues to affect the whole world. Finally, however, this new payment method according to Mastercard, much safer than a traditional debit card
However not everyone agrees with this last point. “A password can be changed, not your smile and wave. If biometric data is hacked, the risk of fraudulent activity can be significantly higher than with existing payment methods.”, says attorney Suzie Miles. Not to mention the concerns about Mastercard using the recovered biometric data.
Anyway, the first tests are about to launch in five supermarkets in São Paulo, Brazil. These will then spread to Latin America, the Middle East, Africa and Asia before potentially reaching our region of the world. Claims to buy Mastercard 74% positive response informed its users about its new technology.
Source : Guard