MasterCard Explores Biometrically Securing Transactions Using Facial Recognition

While other financial establishments such as VISA are experimenting with bitcoin and its blockchain technology, MasterCard has shifted its focus to biometric data security.

In an attempt to create a passwordless credit card transaction settlement process, MasterCard is set to develop a system that approves online purchases using facial recognition technology. Ajay Bhalla, in charge of innovative security solutions for MasterCard, said:

“The new generation, which is into selfies … I think they’ll find it cool. They’ll embrace it.”

MasterCard has partnered with every international smartphone manufacturers and developers, including Google, BlackBerry, Apple, Microsoft and Samsung to launch a pilot test implementing both fingerprint- and facial-recognition technology. The beta test of the new biometric security system will involve 500 customers. Soon after receiving feedback and making improvements, MasterCard says it will launch the service publicly.

MasterCard has also announced that the company is trying to secure deals with two major banks, but decided not disclose their names just yet.

As of now, the majority of MasterCard customers use a password-based security system called SecureCode, which was developed to stop hackers from stealing credit card numbers on the Web. According to CNN Money, the

Read more ... source: Cointelegraph