Mastercard will be adding biometric options in which in-person payments can be completed with a smile or wave of the hand, using a face or fingerprint to make checkout more streamlined, a press release said.
The program will set standards for ways to pay at stores including big retailers and mom-and-pop shops. It will be a standard that banks, merchants and tech providers can adhere to, and the release said this will add safety and privacy for peoples’ personal data.
The first pilot will be in Brazil, at five St. Marche supermarkets in Sao Paulo. Consumers can enroll either in-store or at home through an app. After that, shoppers can pay by smiling into a camera or waving over a scanner.
In addition to faster, easier checkout, biometric payments can be integrated into loyalty programs and personalized recommendations.
Mastercard said it is working with NEC, Payface, Aurus, PaybyFace, PopID and Fujitsu.
Mastercard cites statistics that around 74% of customers globally see biometric tech positively. The market for the tech is likely to hit $18.6 billion by the year 2026.
“The way we pay needs to keep pace with the way we live, work and do business, offering choice to consumers with the highest levels of security,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “Our goal with this new program is to make shopping a great experience for consumers and merchants alike, providing the best of both security and convenience.”
Mastercard also teamed up with FinTech Greenlight, which is “family-centric,” to debut a Greenlight Family Cash Mastercard to help parents save for their kids’ college education, along with other expenses.
The card will offer up to 3% unlimited cash back on every purchase, and there will be an option to invest rewards automatically.
Greenlight Co-Founder and CEO Tim Sheehan said families have more expenses now that can make it harder to save.
“With the new Family Cash Card, parents can get the most out of everyday spending and invest towards big life events like their children’s college education,” he said.