MasterCard introduces ‘selfie pay’ biometric authentication app in Europe market
United
States: New York based
MasterCard, an American multinational financial services corporation, launched
selfie pay facility for its customers which will allow them to confirm an
online payment by showing their face to front view camera of their smartphones.
In order to use the biometric
authentication facility, user needs to download the corresponding app &
snap and required to send their selfie which provides the company with their
facial biometric. The app requires, user to blink to confirm it’s really their
face in shot.
MasterCard identity app also supports
fingerprint biometric as well, offering option to authenticate payment with
either, their face or finger at the point of purchase to speed up the payment
at ecommerce portal, which sometimes get difficult as customer often forget
their passwords. MasterCard biometric authentication app will be rolled out in
Europe market in first phase and will be rolled out worldwide by next year.
TechSci Research depicts that the rising
demand for Biometrics facial technology would play an important role in secure
& authenticated financial transaction. Facial or fingerprint technology is
the most accurate in pattern recognition and has shown itself to be
exceptionally versatile & best suited for financial industry where
authentication is of utmost priority
According to the recent report published
by TechSci Research, “Global
Biometrics Market By Type (Fingerprint Recognition,
Facial Recognition, Hand/Palm Recognition, Iris Scanner, Voice Recognition,
Vein Scanner & Others), By End Use Sector, By Region, Competition Forecast
and Opportunities, 2011 – 2021”
the global biometrics market is projected to cross US $ 24.8 billion by 2021.
Fingerprint recognition biometric systems are the most preferred type of
biometric systems used across the globe, owing to their ease of use, low cost,
high speed and accurate results. However, in terms of growth, vein scanner
biometrics systems segment is anticipated to outpace fingerprint recognition
biometrics systems over the next five years.