MasterCard's New 'Selfie Pay' Lets People Use Photos to Authorize Payments
Laura McQuarrie — October 22, 2015 — Tech
References: cnbc
In place of passwords, which are easily forgotten or compromised, MasterCard is now testing out 'Selfie Pay' as a way for people to securely authorize online transactions.
Testing for the new payment system is going on with over 200 employees from the First Tech Federal Credit Union in the United States over the course of two months. Rather than typing in a password to finalize a purchase, people will be able to scan a fingerprint or as a more fun option, take a selfie.
To make full use of the Selfie Pay system, users are required to download the brand's Identity Check app. Knowing that some dishonest people will try to trick the system by using pre-taken photos, the service instructs users to hold up their phone, take a selfie and blink, to prove that they are in fact a real person and not a photograph.
Testing for the new payment system is going on with over 200 employees from the First Tech Federal Credit Union in the United States over the course of two months. Rather than typing in a password to finalize a purchase, people will be able to scan a fingerprint or as a more fun option, take a selfie.
To make full use of the Selfie Pay system, users are required to download the brand's Identity Check app. Knowing that some dishonest people will try to trick the system by using pre-taken photos, the service instructs users to hold up their phone, take a selfie and blink, to prove that they are in fact a real person and not a photograph.
Trend Themes
1. Biometric Authentication - The trend of using biometric authentication, such as fingerprint scanning or facial recognition, is disrupting traditional password-based authentication methods.
2. Mobile Payment Systems - The trend of using mobile devices for payment transactions is disrupting traditional cash and card-based payment systems.
3. Enhanced Security Measures - The trend of implementing enhanced security measures, such as identity verification through biometrics, is disrupting traditional methods of online transaction authorization.
Industry Implications
1. Financial Technology (fintech) - The financial technology industry is being disrupted by the trend of selfie payment systems, as it requires the development of innovative authentication solutions.
2. Mobile App Development - The mobile app development industry is being disrupted by the trend of selfie payment systems, as it necessitates the creation of user-friendly and secure payment apps.
3. Cybersecurity - The cybersecurity industry is being disrupted by the trend of selfie payment systems, as it calls for advancements in biometric authentication and fraud prevention technologies.
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