MasterCard Wants Selfies to Replace Logon Passwords
Mastercard is rolling out a biometrics payments service that will kill passwords within five years.
The MasterCard Identity Check will let people make purchases online by taking a selfie and blinking rather than entering a password.
It will be first available to financial institutions across the U.S. by mid-2016, followed by a global roll-out in 2017.
“Today, people shop on all sorts of devices, and they expect technology to simplify and secure the transaction,” said Ajay Bhalla, president of Enterprise Security Solutions, MasterCard. “This is exactly what Identity Check delivers.”
According to a MasterCard survey that was conducted between August 13 and 21, 2015 by Norstat, 53 percent of shoppers forget crucial passwords more than once a week, losing more than 10 minutes when they reset their accounts.
As a result, more than a third of people abandon an online purchase, while six in 10 said it led to missing a time-sensitive transaction like buying concert tickets. More than half of people want to see passwords replaced by something more convenient, while continuing to deliver the same levels of protection and peace of mind.