The launch of Apple Pay last week marked a major milestone in payments technology. We are hugely proud to be part of it, and we will be showcasing our wider security credentials at World Retail Congress in Paris at the end of this month.
Until now, the idea of running out for some milk, walking into a store and using your thumb print to make the purchase has sounded futuristic, even if the technology has been in place for a while.
We have already had great success in Africa, with financial inclusion projects which use biometrics to identify millions of cardholders. Yet the launch of Apple Pay will start to bring true scale to the next generation of payments authentication.
Apple has also taken a step towards solving the identity problem. Our belief is that we should be able to identify ourselves without having to use passwords or PIN numbers.
So how can we take this technology and implement it across the industry for all devices, banks, merchants, and consumers?
Our challenge is to take lessons from the different applications of biometrics already in place and elevate them into the next generation of authentication, not just for one platform, but for the mass market globally.
To help, we recently held a closed pilot to understand the consumer experience around voice and facial recognition. We created a beta mobile app which we tested in an e-commerce environment on over 14,000 transactions.
The test group, drawn from MasterCard employees around the world, used both Android and iOS operating systems. The results were very exciting, yielding a successful verification rate of 98%, mixing a combination of voice and facial recognition. The process usually took less than 10 seconds.
It is crucial for us constantly innovate to stay ahead of fraudsters – this has been true since we were established nearly 50 years ago. Safety and security is at the heart of our business, and that also means providing a seamless experience that delights the consumer in its simplicity.
As biometric authentication becomes mainstream, we are well positioned to take advantage, with products already in the market and trials pioneering biometric technology underway. The finger print is just the start. For more information on this, take a look at our latest video on safety and security and read up on our approach to payment security here.
7 Comments
Although I applaud MasterCard for continuing to develop innovative solutions in this space, the value of biometric authentication is defined by the lowest common dominator in the process. As an example, using fingerprint authentication with Apple Pay but allowing any user with a password to change, add or delete the fingerprint completely undermines its value.
I hope that future concepts are more thoroughly thought through.
Amazing… And the next step should be the integration of the biometric authentication in the masterpass mobile checkout.
Thanks you sharing. Mastercard is great. Biometric payments is trust-able service.
Welcome according to our employer or we wish thou wish have much satisfying experiences together with Independent Call Girls
This post is very helpful for users to understand all complications of the future of biometric payments for safer and simpler Authentication. The Apple Pay was launched in last week marked a major milestone in payments technology. We should proud to be part of it. People will be showcasing their wider security credentials at world retail congress in Paris. It is world famous and demanding in all developing countries. People can clarify all about it by visiting on websites. No doubt, I can say confidently these type article are really amazing for society. Through this article I want draw some light on other developing sources. For example MS Dynamics consultants from Ukraine. Name of this consultant is famous in all world. I totally agree with that these consultant are really useful and beneficial for industries and firms. The microsoft dynamic consists for several software applications. These applications are making for enterprise resource planning and users relationship management.
Hello, I’m going to tell you about several popular spy applications that I discovered a few days ago, as well as the greatest hidden spy apps for android and they are high-quality capabilities that this application delivers even in its free version is the most convincing argument to use the mSpy free trial. The free app is easy to install and use. It is compatible with both Android and iOS devices.
This blog is the best ever. I read a lot of posts on daily basis.