According to a recent survey by MasterCard, 53 percent of shoppers forget crucial password more than once a week and this has hindered consumers from completing ongoing transactions.
As a result, more than a third of people abandon an online purchase; while six in 10 said it led to missing a time-sensitive transaction like buying concert tickets. More than half of consumers surveyed also want to see passwords replaced by something more convenient, while continuing to deliver the same levels of protection and peace of mind. MasterCard’s recently-launched Identity Check aims to do just that.
Dubbed “Selfie Pay” by industry observers, facial recognition technology, along with fingerprints, is currently being piloted by MasterCard and is part of the company’s efforts to improve payments authentication and verification, as well as deliver greater security and convenience to consumers. When making a mobile payment, “Selfie Pay” utilizes the phone’s camera function to recognise the consumer as the rightful owner of the payment account.
The trials will see consumers being able to authenticate purchases by blinking in front of a camera (to prove they are a real person and not a static image) or holding their finger against a sensor to verify purchases via mobile devices. If required, a single-use password can be sent via SMS for times when additional security checks may be necessary.
This allows consumers to transact with confidence, convenience and security from the only device they need – smartphones. Identity Check will also make online payments more fun, seamless and intuitive.
But it’s not just consumers that benefit. One of the goals of Identity Check is to help boost merchant retail sales by reducing the number of people who abandon their shopping cart at checkout.
At the recent MasterCard Innovation Forum in Kuala Lumpur, Bob Reany, Senior Vice President, Identity Solutions, MasterCard demonstrated the seamless experience of utilizing “Selfie Pay”.
Check out our Digital Press Kit for more content from the MasterCard Innovation Forum 2015!