Mastercard: the future is near
Mastercard announced that from April 2019, buyers will be able to use biometric data, such as fingerprints and facial recognition, when confirming payment with Mastercard cards.
Biometric payment confirmation is popular, and as more and more tablets and smartphones provide the opportunity to use biometric data, the time has come for the widespread dissemination of technologies that provide such a way to identify the cardholder.
According to a recent study conducted by Mastercard in collaboration with Oxford University, very many people–93% of survey participants– would prefer to use their biometric data rather than enter passwords to confirm payment. In addition, 92% of specialists in the banking industry want to implement biometric solutions. Representatives of banks say that customers are more willing to make purchases if the service gives them the opportunity to use biometric confirmation. The number of refusals from purchases is reduced by 70%, compared to other authentication methods, for example, a one-time password via SMS, which positively affects the user experience.
Biometric technologies perfectly match people's expectations about secure payment solutions of the future, in which the rapid digitalization of everyday life will be even more evident. Biometrics can provide customers, retailers and banks with significant benefits by simplifying the shopping process and ensuring the security of transactions. Our leadership position in this segment reflects the company's willingness to adapt to new expectations and needs," notes Javier Perez, President of Mastercard in Europe.
The payment system Mastercard over the years has become a real driver of the development of biometric technologies for making payments, focusing on improving the customer experience and the security of online and offline payments.
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