Mastercard and NEC to Bring Biometric Checkout to APACby Fintech News Singapore November 15, 2023
Mastercard and NEC Corporation have announced a partnership to bring Mastercard’s Biometric Checkout Programme to the Asia Pacific region. The programme will allow consumers to use their biometrics to pay for goods and services in stores.
The partnership will combine NEC’s face recognition and liveness verification technology with Mastercard’s payment enablement and user experience expertise.
Consumers are increasingly embracing biometric authentication, with 82% of consumers in Asia Pacific using at least one form of biometrics already. Businesses are also adopting biometrics, with biometrics expected to authenticate over US$3 trillion in payment transactions by 2025.
The Biometric Checkout Programme will allow consumers to pay for in-store purchases by simply smiling or waving at a payment terminal.
It provides participants with a framework that addresses security, biometric performance, data protection, and privacy requirements. NEC is an early enrollee of the programme.
Merchants can benefit from shorter lines, increased security, and more hygienic conditions with the programme. Additionally, loyalty offerings can be integrated into the checkout system for faster and more tailored offers at purchase.
Mastercard and NEC will showcase this latest payment experience at the Singapore Fintech Festival from 15 to 17 November.
“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.
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.”
said Ajay Bhalla, President, Cyber and Intelligence Solutions, Mastercard.
“By utilizing NEC’s world-class face recognition technology, the new payment system will provide both security and convenience.
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.”
said Takao Iwai, Corporate Senior Vice President and Managing Director, Financial Solutions Division, NEC Corporation.