US Insider

US INSIDER

  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us
Menu
  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us

US INSIDER

  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us
Menu
  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us

US INSIDER

Menu
  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us
Home Business

How Mastercard makes transactions easy for consumers

Mandy Greene by Mandy Greene
May 17, 2022
in Business
Mastercard
Share on FacebookShare on Twitter
Photo: MasterCard

Mastercard has created a new technology that will allow shoppers to make transactions using their faces or fingerprints. This is an efficient way for people who don’t want any cards, checks or cash in hand.

Mastercard is revolutionizing the way people pay for things with their new tech program, launched on Tuesday and pitched to retailers who want to use biometrics during the payment process. For example, users can pay via a fingerprint scanner or facial recognition system when checking out at a favorite store.

Currently, the tech program is used in five stores in Sao Paulo, Brazil. However, Mastercard expects to extend its partnerships to more countries and regions across the globe.

In company-conducted research, Mastercard cyber and intelligence president Ajay Bhalla said consumers love biometrics. They also like a system that allows them to pay faster, like opening a phone.

With the number of people using facial recognition technology forecasted to increase over time, technological innovations like Mastercard’s become a trend. Juniper Research predicts that by 2025, users of facial recognition technology will reach 1.4 billion, twice the number in the 2020 data. 

Sign up with Mastercard

To get started, users need to take their biometrics like face and fingerprints so it will be uploaded into the system. This process can be done thru phone or payment terminals. When the biometrics are already recorded, users may input a credit card which is then connected with the registered biometric data of the user in the Mastercard app.

The system is the same as the initiatives taken by Amazon in the US.

Mastercard looks to bring its technology to the Middle East, Europe, Asia and the United States. The expansion will be possible as soon as logistics permits and proposals are accepted by target stores. Bhalla added that the goal is to make their piece of innovation global.

Privacy issue, a challenge?

The use of biometrics in credit card transactions has many people on edge. They fear that their personal information could be compromised, including sensitive data which are tied to these technologies for authentication purposes. There is also growing uncertainties regarding the place where data is stored and how secure it is.

Amid the uncertainty, Mastercard has assured customers that their data is encrypted and not susceptible to breaches. In addition, upon enrolling, the biometrics will be replaced by a “token,” a random sequence of alphanumeric numbers that will be directly linked to the user’s card.

Mastercard is working hard to assure maximum privacy of all registered biometrics and card details.

To up the potency of the program’s ecosystem, they’re partnering with other companies like NEC, Fujitsu, Payface, Aurus, PaybyFace, and PopID. The partnerships will allow MasterCard to perfect its technology while creating linkages for marketing programs across regions around the world.

Tags: Featured-top

Opinions expressed by US Insider contributors are their own.
Mandy Greene

Mandy Greene

Mandy is a business and marketing professor and a freelance writer. She is currently working on her first self-published book about business ethics, marketing strategies and leadership.

Related Posts

Photo: Techspot
Business

Sony Ventures Into the PC Gaming Space with the Inzone Monitors and Headsets

June 30, 2022
Starbucks updates benefits for employees but leaves out hints of union's inclusion
Business

Unionized Starbucks Stores Still Unsure of Inclusion in the Company’s Updated Benefits

June 30, 2022
The crypto-centric restaurant in California is removing its crypto payment method until further notice
Business

Bored & Hungry Removes Trademark Crypto Payment Method

June 28, 2022
Next Post
Maria Garate, the Award-Winning Realtor at the Forefront of the San Diego Real Estate Industry

Maria Garate, the Award-Winning Realtor at the Forefront of the San Diego Real Estate Industry

Netflix removes 150 staff after massive loss in subscribers

Netflix removes 150 staff after massive loss in subscribers

Multi-Talented Personality Steve Ryan on Becoming a Best-Selling Author

Multi-Talented Personality Steve Ryan on Becoming a Best-Selling Author

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

7 Simple and Effective Ways to Expand a B2B Business

7 Simple and Effective Ways to Expand a B2B Business

2 years ago
How to Choose the Suitable Franchise That Fits Your Plans and Expectations

How to Choose the Suitable Franchise That Fits Your Plans and Expectations

2 years ago
Advantage of Social Media

The Advantage of Social Media for Business

3 months ago
Business Obligations and Liabilities Every Owner Should Know

Business Obligations and Liabilities Every Owner Should Know

3 months ago

Topics

Advantage of Social Media Beauty Dolls Las Vegas Billings Murder Case Business Byrd and Melanie Billings Chocolate Dr. David Shokrian Feature Featured Featured-top Featured Home Finances Financial Freedom Headline Headlines Herbert Welch Investment Jeremy Haynes Jimmie Lee Staley' LaMarqus Collins Life Coach Marketing Marketing Expert Medical Millennial Plastic Surgery Mobu Enterprises Music Networking Brand NFT Real Estate Research and Development Serial Entrepreneur Shaura Rodgers Sierra Coleman TD Brewer Technology Terrance E. Dye The Strategic Life Podcast Tianna S. Harris Top 10 Entrepreneurs to Watch Out For in 2021 Top 20 Instagram Accounts to Follow in 2021 Veronica Moya Wealth Wealth Strategies Welch Modeling
No Result
View All Result

Highlights

Unionized Starbucks Stores Still Unsure of Inclusion in the Company’s Updated Benefits

Bored & Hungry Removes Trademark Crypto Payment Method

How Owen Garitty’s Passion for Storytelling Helped Him Accomplish Remarkable Success

Apple Employees in Maryland to Form a Union This Week

Versace introduces ‘Chersace,’ a new line for Pride Month in partnership with Cher

Wealth Assistants Founder Ryan Carroll Elevates the Investment Scene With a Revolutionary Resolution

Trending

Skinovatio Outperforms Competitors Through Excellent Services and Innovative Technology
Wellness

Skinovatio Outperforms Competitors Through Excellent Services and Innovative Technology

by Mandy Greene
June 30, 2022
0

1. "There has been a rapid increase in people investing in beauty and wellness. Unlike the prior...

Gareth Bale seals Real Madrid's victory against Liverpool in the 2017-2018 Champions League Final

Gareth Bale Takes Career to America, Signs with Los Angeles FC

June 30, 2022
Photo: Techspot

Sony Ventures Into the PC Gaming Space with the Inzone Monitors and Headsets

June 30, 2022
Starbucks updates benefits for employees but leaves out hints of union's inclusion

Unionized Starbucks Stores Still Unsure of Inclusion in the Company’s Updated Benefits

June 30, 2022
The crypto-centric restaurant in California is removing its crypto payment method until further notice

Bored & Hungry Removes Trademark Crypto Payment Method

June 28, 2022
Instagram
  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us
Menu
  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us
* Copyright © 2022 US Insider. All rights reserved.
A News Anchored Network Publication
  • Privacy Policy
  • Terms and Conditions
Menu
  • Privacy Policy
  • Terms and Conditions
Instagram
  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us
Menu
  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us
* Copyright © 2022 US Insider. All rights reserved.
A News Anchored Network Publication
  • Privacy Policy
  • Terms and Conditions
Menu
  • Privacy Policy
  • Terms and Conditions
Instagram
  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us
Menu
  • News
  • Business
  • Lifestyle
  • Sports
  • Marketing
  • Contact Us
* Copyright © 2022 US Insider. All rights reserved.
A News Anchored Network Publication
  • Privacy Policy
  • Terms and Conditions
Menu
  • Privacy Policy
  • Terms and Conditions