Now MasterCard is presenting a new way to pay for purchases online, which it debuted at the Mobile World Congress technology event in Barcelona. It is selfie payments. That's right, and MasterCard says that following research and focus groups, over 90% of its test subjects greatly preferred the new system to just having to enter in a regular old password.
A new camera-based aspect of the authentication program will scan your face, and require you to blink when you take a seflie. That way it knows you're not just using an old photo.
MasterCard states that a roll out of this feature will be available as early as this summer, for customers in US and Canada and various European nations. The new app will, after you provide your credit card information, ask you to take the selfie (or use a fingerprint option).
Ajay Bhalla, chief of MasterCard's Safety and Security division, told The BBC:
"Consumers hate passwords, We know the most commonly used password is 123456, so they are not secure, and people also use the same passwords for multiple sites...in the modern world everyone has a mobile phone and there is internet connectivity everywhere. So, we should be able to use biometrics [instead] to authenticate ourselves."
Friends. Stop using stupid passwords. As if it wasn't clear enough in 2016, people are still using wacky passwords, so this kind of technology requiring an input will actually prevent more fraud. The credit card merchants have had to charge business more on their credit card transactions to cover the possibility of fraud. Hopefully this new method will lower that percent and thereby allow more merchants to stay in business.
Or the credit card companies will just reap the enhanced profits. But can't we all just live in a beautiful world where large corporations have our best interests at heart?
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