Mastercard Incorporated (NYSE:MA) has partnered with NEC Corporation in Japan to introduce the Mastercard Biometric Checkout Program across the Asia Pacific region. This collaboration, following the program’s successful pilot launch in Brazil last year, reflects Mastercard’s commitment to expanding the reach of its innovative payment solutions. NEC is among the initial participants in the program, showcasing the fruition of Mastercard’s strategic plan for global adoption.

The Mastercard Biometric Checkout Program leverages the payment capabilities and enhanced user experience offered by Mastercard, combined with NEC’s cutting-edge face recognition and liveness verification technology. This collaboration aims to empower consumers in Asia Pacific countries to make biometric payments for in-store checkouts effortlessly. Users can complete transactions by simply smiling into a camera or waving a hand over a reader, eliminating the need for phone unlocks or PIN numbers.

Beyond the convenience it provides to consumers, the Biometric Checkout Program offers numerous advantages for merchants. These include shorter queues, enhanced payment security, improved hygiene through contactless biometric payments, strengthened customer relationships, and increased sales figures.

Mastercard’s commitment to launching versatile payment solutions is evident in its collaboration with NEC for the Biometric Checkout Program in Asia Pacific. In addition to NEC, partners such as Payface, Aurus, PaybyFace, PopID, and Fujitsu Limited have joined forces with Mastercard to extend the program’s reach globally.

Partnerships like this underscore Mastercard’s dedication to reinforcing its digital capabilities, a crucial element in expanding its customer base amid the growing preference for digital payments. Biometrics, particularly favored by Asia Pacific consumers, aligns with this trend. According to a Mastercard survey, 82% of consumers in the Asia Pacific region already use at least one form of biometrics. The global biometric technology market is expected to witness a 13.6% Compound Annual Growth Rate (CAGR) from 2023 to 2032, according to Precedence Research.

While digitalization enhances convenience and affordability, it also poses cybersecurity challenges and potential losses for both merchants and consumers. The Biometric Checkout Program addresses these concerns by ensuring the security, biometric performance, and data protection and privacy requirements of financial institutions, merchants, and technology providers.

Mastercard’s stock has demonstrated a 16.3% gain in the past year, outperforming the industry’s overall growth of 13%.

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