Tag: mastercard mobile payments

MasterCard to launch selfie system for mobile payments

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.

MasterCard unveils program to make mobile payments device out of any consumer gadgets

This will make it possible for devices, wearable technology and accessories to be used to pay for purchases.

MasterCard has now introduced a new program that has been designed to bring the brand’s mobile payments to a broader spectrum of different types of electronic consumer products.

These include wearables, fashion, automotive, and a range of other categories that haven’t yet been invented.

The program is meant to make it possible for mobile payments to use whatever gadget or device is most convenient for them, so that they can complete mobile payments using the highest available level of security. The launch of the program has come with a number of big name participants that include General Motors, as well as celebrity designer Adam Selman, as well as the Ringly smart jewelry company and the wearable technology firm, Nymi, in addition to the TrackR Bluetooth locator brand. These are only some of the names that have already joined in to take part in the program through their products.

The Money 20/20 conference in Las Vegas played host to the original display of the mobile payments prototypes.

MasterCard Mobile Payments for Diverse GadgetsThis step forward in payment technology and hyper-connectivity is a large one for the Internet of Things (IoT). This will help to make it possible for practically every device used by consumers – from major appliances to vehicles and wearables – to be linked by way of the internet. This will completely revolutionize the way consumers interact and the way they complete various transactions.

Cisco has predicted that by the year 2020, there will be 50 billion connected devices. MasterCard is clearly hoping to play a major part in this technological advancement as it establishes this mobile payments program as a foundation of the IoT. The program, itself, is designed to be an additional branch from the MasterCard Digital Enablement Service (MDES) as well as its Digital Enablement Express program (also known as simply “Express”). By bringing MDES and Express together, it would mean that virtually any kind of device could be securely payment-enabled and linked to a MasterCard account so that it can be used to complete transactions to purchase products and services.