First Tech Federal, a California-based credit union, will undergo a pilot programme with MasterCard, whereby First Tech employees will use MasterCard’s facial recognition software to process transactions.
With industry observers dubbing the technology ‘selfie pay’, First Tech employees will test the MasterCard software in September and October in a closed and safe environment using artificial funds and biometrics. Employees will also be testing biometric finger scanners when making transactions.
This is not the first time that MasterCard has tested the so called ‘selfie software’. In July Payment Eye reported that the card processing firm was set to test a new form of facial recognition software, using over 500 participants in its operations.
‘‘At First Tech, we’re establishing a strong track record for bringing the most secure and forward-looking payments security to our members, first with our introduction this year of chip-and-PIN debit and credit cards. In that spirit, this biometrics pilot program represents an exciting next step in payment convenience and security,’’ said Greg Mitchell, CEO of First Tech Federal Credit Union.
Participants will use smartphone apps to make virtual donations to the Children’s Miracle Network (CMN) Hospitals.
‘‘Our members are some of the most technologically focused consumers on the planet, and being an innovator in the payments security space is evidence of our strong desire to meet our members’ unique needs.’’
The pilot program builds on existing activities by MasterCard and CardinalCommerce to power First Tech Federal Credit Union’s cardholder verification processes.
‘‘A recent MasterCard survey found that 83 percent of consumers are excited about new secure technologies helping to protect their financial information,’’ said Catherine Murchie, senior vice president of U.S. Processing, Network and Enterprise Security Solutions for MasterCard.
‘‘In the same survey, three-fourths (75 percent) of consumers stated that they have heard of biometric payments,”
‘‘We’re excited to be on the cutting edge of exploring biometrics and engaged in the first U.S. pilot with First Tech Federal Credit Union.’’
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Lloyds has launched biometric finger print authentication for mobile banking.
Chase, the US consumer and commercial banking business of JPMorgan Chase & Co, has signed a multiyear agreement with Best Buy, that will see the electronics retailer accept Chase Pay in its stores, on BestBuy.com and in the Best Buy app.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.