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Mastercard partners with NEC

Wednesday 15 November 2023 09:36 CET | News

Mastercard has entered a partnership with Tokyo-based NEC Corporation to expand in-store biometric payments in Asia Pacific. 

Through this collaboration, the two companies introduce the Biometric Checkout Program to the Asia Pacific region, advancing its reach across the world. Mastercard and NEC signed a Memorandum of Understanding to implement NEC’s face recognition and liveness verification technology, as well as Mastercard’s payment enablement and user experience to increase global reach.

Mastercard has entered a partnership with Tokyo-based NEC Corporation to expand in-store biometric payments in Asia Pacific.

The partnership’s objective

According to Mastercard’s officials, considering the retail landscape is in continuous growth and payment methods expanding rapidly, biometric solutions provide a simplified, fast, and secure checkout, without requiring unlocking a phone or inserting a PIN. The collaboration with NEC intends to enable the company to offer new biometric payments to customers in countries across the Asia Pacific, leading to a safe and convenient checkout experience. Moreover, by leveraging NEC’s face recognition technology, the new payment system aims to provide security and accessibility. 
Representatives from NEC stated that the partnership enables the company to access Mastercard’s payment assets used around the world, allowing it to offer a new payment experience. The company’s main objective is to develop a world where individuals and businesses can use digital technology safely.

Currently, consumers are adopting biometrics, with 82% of the ones in Asia Pacific using at least one form of biometrics already, with the average consumer saying they use three types. Businesses also introduce biometric authentication into their daily activities. In fact, biometrics is projected to authenticate over USD 3 trillion in payment transactions by 2025.

Mastercard’s Biometric Checkout Program

Launched as a pilot in Brazil in 2022, the program was intended to improve in-store payment, allowing consumers to smile or wave to pay for a product or service. The Biometric Checkout Program offers participants a framework that addresses security, biometric performance, data protection, and privacy requirements, for financial institutions, merchants, and technology providers within the ecosystem. According to the press release, NEC is an early enrolee of Mastercard’s program.

By integrating Mastercard’s program, merchants can receive shorter lines, increased security, and more hygienic conditions. Moreover, loyalty programs can be implemented in the checkout system for more customised offers at purchase as part of a company’s business strategy. Biometrics can have a considerable role in supporting merchants to develop a more engaging relationship with their customers while increasing sales.

Previous developments and partnerships from Mastercard

Recently, Mastercard partnered with Dubai Islamic Bank to introduce cross-border payment services through digital channels across multiple countries worldwide. The collaboration intended to allow Dubai Islamic Bank to leverage Mastercard Cross-Border Service to offer real-time remittances through its digital channel. The companies focused on launching cross-border payment capabilities for P2P and B2B fund transfers.

During the same period, Saudi Awwal Bank (SAB) collaborated with Mastercard to provide access to secure digital transactions across Saudi Arabia. The partnership enabled SAB to use Mastercard’s Gateway’s advanced Transaction Risk Management technology (TRM) to offer safe digital transactions, customer protection against cybercrime, and payment fraud prevention. 

Source: Link


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Keywords: partnership, biometric authentication, biometrics, payments , checkout optimisation
Categories: Payments & Commerce
Companies: Mastercard, NEC Corporation
Countries: Asia
This article is part of category

Payments & Commerce

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Mastercard

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NEC Corporation

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