MasterCard Merges with Selfie Pay
Selfie culture has become a part of our everyday lives, and is today a growing trend. It is young adults who make up this demographic, and tends to be more involved in digital technology than their older fellow citizens. The selfie is a photo taken of oneself, and has become a means of self-expression-most usually taken with one’s Smartphone. Young people invariably share their images via the social media. MasterCard is placing bets that the selfie may also become a big part of future transactions, and they’ve got the technology to prove it. Mastercard Tries Out Selfie Pay, and has merged with the selfie to create a unique marriage termed- ‘Selfie Pay’, which makes use of facial recognition in order to determine an individual’s identification. This innovative technology is more secure than a PIN or a password, and allows online shoppers to conduct a transaction just by using one’s image.
The leading credit card provider recently announced it has begun rolling out a new biometric authentication technology that they’ve endearingly termed ‘Selfie Pay’. (Although they officially have called the service Identity Check.) MasterCard hopes the new verification system will be instrumental in placing their payment method apart from the crowd- in an increasingly demanding digital age. Biometrics is a developing technology that makes use of facial recognition, fingerprints, the iris, and voice-among others. This is the likely future of credit card security, because as your face replaces your PIN, it will be impossible for it to be replicated or stolen.
MasterCard Identity Check will put identity verification at the cardholder’s fingertips. It will use a combination of technologies such as biometrics and SMS-delivered one-time passwords to keep information secure. Pilot programs are now being conducted. If they are a success, then MasterCard will introduce this visual and fingerprint technology to more banks and businesses. Ultimately, this easy and safe business transaction will become the norm. A major perk is that the consumers’ personal and financial info will be better safeguarded. Additionally, losses for banks and businesses will be minimized, or effectively reduced to zero. When you make your purchase with your Smartphone, MasterCard verifies at the ‘blink of an eye’ your identity by mapping your image with the one that they have on file. It is essentially a two-step verification process.
U.S. banks and other financial service providers can choose to participate in MasterCard Identity Check beginning in the middle of 2016. A global expansion is planned to take place in 2017. In a consumer environment that is becoming increasingly digitally oriented, the experience of paying for one’s purchase has moved to ‘fast forward’.