Mastercard Inc (NYSE:MA) customers in Brazil and Mexico will now be able to authenticate online transactions via fingerprint and a selfie photo, with the launch of a new biometric system. The launch comes on the heels of the unveiling of the Identity Check Mobile service in 14 other countries.
MasterCard’s Biometric System
Cardholders will be able to confirm their identity with a smartphone scanner or by taking a selfie that will be compared with what is on record before a payment is approved. By relying on fingerprint and selfie photo to authenticate transactions, the payment giant hopes to relieve users the hassle of having to remember long passwords that at times can be cracked.
The new authentication method should go a long way in making online transactions more secure at a time when the threat of being hacked is very high. Customers have also aired their preference for the new biometric system over traditional passwords.
Speeding Up Checkout Processes
The new Identity Check Mobile service is expected to speed up the checkout process of transactions online, something that customers have been calling for. Its launch does not come as a surprise given that customers’ shopping habits have significantly shifted online, thus calling for secure and reliable ways of finalizing transactions.
“We find ourselves before a milestone in payments’ evolution. Following the revolution in physical purchases with innovations like chip technology, contactless payments, and wearables, we are now making identity check a reality for online purchases in Latin America after earlier rollouts this year in the US and Europe,” said Ajay Bhalla, president of enterprise risk & security at Mastercard.
MasterCard’s biometric system in Latin America will come by way of Dao’s Identity X Platform that has already been adopted in the South Korean market. The payment giant first started testing the system in North America in the first half of the year before debuting it in Europe this autumn.
Mastercard stock was down by 1.56% in Wednesday trading session finishing the day at lows of $102.20 a share.