MasterCard Friday has announced at the ongoing TECH+ Conferences and Expo in Lagos that it is developing selfie technology for biometric authentication for online payments to eliminate fraud.
Omoke Ojomuyidele, business head of Mastercard told attendees at the well-attended TECH+ that the innovation will contribute to boosting cashless initiative in Nigeria.
[blockquote right=”pull-right”]“MasterCard says that to use the upcoming function, customers will be required to download the MasterCard app on their phones and once an online purchase is at the checkout stage, the app will push through a request asking authorisation before payment is submitted.” [/blockquote]
According to her, MasterCard reckons that we are today in a world where the new generation of selfie-takers now account for over 93 million people across the globe that take selfie on their Android phones on a daily basis. By statistics cited by MasterCard, the tech payment giant wants to use the innovation to provide what people do to take them where they want, she adds.
“Mastercard will launch a pilotprogramme with 500 participants over the next few months to develop infrastructure to prove purchase without the need to enter password”, Ojomuyidele told the TECH+ audience.
According to the MasterCard exec, “the world is changing to a point where there is a global shift to electronic and the cloud is maturing everyday thereby making the line between physical and digital commerce blur by the day.”
MasterCard says that to use the upcoming function, customers will be required to download the MasterCard app on their phones and once an online purchase is at the checkout stage, the app will push through a request asking authorisation before payment is submitted.
MasterCard says that over 12 billion devices across the world today are connected to the Internet and by 2020, it is expected to reach 50 billion. Essentially, we will be living in a world where anything connected to the Internet can carry out transactions.
“We need to start innovating so that when we get to the future where everything is connected to the Internet, so we don’t have a problem”,Ojomuyidele adds.
However, she urged enterpreneurs to come up with innovative ideas to make them remain in their business space else they go into extinction “within the twinkling of an eye.”