MasterCard is bringing its Selfie Pay system to the UK
MasterCard has announced plans to invest in facial recognition technology more aggressively in the coming years. This announcement comes as MasterCard attempts to reduce the number of false transactions that occur within the mobile space, as well as improving the security of mobile payments overall. The company has been testing its new “Selfie Pay” system in the United States and the Netherlands and will soon bring the service to the United Kingdom, though consumers will have to pay to use it.
Selfie Pay will allow people to use their pictures as a way to verify a mobile transaction
Those using the Selfie Pay system can opt to scan a picture of their face to verify mobile transactions. This picture will be stored online on MasterCard’s servers. The picture will serve as a reference for when consumers want to use facial recognition to authenticate a transaction. Because this information is difficult to tamper with, MasterCard believes that facial recognition technology could be an adequate way to protect consumer information in the mobile commerce space.
Mobile security remains a top priority for MasterCard
MasterCard has been fighting to improve mobile security for some time. The company believes that new identification systems are needed to minimize the number of fraudulent transactions being made in the mobile space. False declines are also a problem, with MasterCard noting that the value of false declines per year has reached $118 billion. This is 13 times higher than the amount lost through credit card fraud every year.
Selfie Pay system is coming to 14 countries later this year
MasterCard is preparing to launch its Selfie Pay system in 14 countries later in the year. The company notes that those testing the system have responded positively, saying that it is both easy to use and does not affect the convenience of mobile payments. With more secure systems in place, more consumers are likely to participate in the mobile commerce space. Security has been a major concern for consumers in recent years, especially as mobile commerce systems have become more prominent and attractive targets.