Yes, you read that headline correctly. Mastercard is piloting technology that would allow shoppers to pay for items with facial recognition and fingerprint scanning technology. Using such technology would allow customers to scan their finger or face to pay for an item instead of swiping a card. Thus far, this technology has only been made available at a handful of grocery stores in Brazil. However, there is a possibility that it could be introduced to more countries if it is successful.
“All the research that we’ve done has told us that consumers love biometrics,” Mastercard executive Ajay Bhalla told CNBC.
“They want making a payment at a store to be as convenient as opening their phone.”
Mastercard may not be the only company to trot out such technology in the future. CNBC reports that 671 million people used facial recognition technology to authenticate a payment in 2020. By 2025, Juniper Research projects that 1.4 million people may use facial recognition technology to authenticate payment.
“What we are working towards is the metaverse,” Bhalla said.