Mastercard and NEC Corporation have entered into a strategic partnership to implement NEC’s face recognition technology in in-store payments. The collaboration aims to provide a seamless, secure, and innovative checkout experience, leveraging biometrics to transform the way consumers make payments globally.
17 November 2023 – In a bid to redefine the landscape of in-store payments, global payment giant Mastercard has joined forces with NEC Corporation, a leader in face recognition technology. Through a recently signed Memorandum of Understanding, the collaboration aims to seamlessly integrate NEC’s cutting-edge face recognition and liveness verification technology with Mastercard’s robust payment enablement and user experience optimization, ushering in a new era of secure, innovative, and efficient checkout experiences for consumers across the Asia Pacific region and beyond.
Under the Biometric Checkout Program initiated by Mastercard, consumers will soon have the option to complete transactions by simply using their facial recognition, eliminating the need for unlocking phones or entering PINs. This program, which saw a successful pilot in Brazil last year, has garnered early participation from NEC, solidifying its commitment to transforming the in-store payment landscape.
With biometrics gaining widespread acceptance, the partnership addresses the evolving needs of consumers and businesses. An impressive 82% of consumers in the Asia Pacific region are reported to already use at least one form of biometric authentication, and businesses are projected to authenticate over $3 trillion in payment transactions through biometrics by 2025.
Merchants stand to gain significant advantages from this collaboration, including shorter lines, heightened security, and a more hygienic checkout experience. The incorporation of loyalty programs into the checkout system presents an additional avenue for merchants to engage customers with tailored offers, further enhancing the overall shopping experience.
Mastercard and NEC are set to showcase this groundbreaking payment experience at the prestigious Singapore Fintech Festival, taking place from November 15 to 17. This platform offers an opportunity to demonstrate the potential of biometric technology and its role in shaping the future of secure and convenient in-store payments.