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.