The technology is moving in the fast lane. Selfie payments??? Sounds wild and exciting at the same time. However it is a reality for California-based First Tech Federal Credit Union that has implemented a pilot program with MasterCard, called “Selfie Pay.” The 200 of Credit union employees will use facial recognition and fingerprint biometrics to process mobile transactions in the upcoming pilot.
The credit unions’ goal is to evaluate the security and convenience of the clients when making payments with smartphones. The technology has been developed to enhance user experience when making purchases online with mobile devices.
According to Catherine Murchie, senior vice president of U.S. processing, network and enterprise security solutions for MasterCard, 83% of consumers are interested in new payment technologies that can protect their financial information. They are also excited to use biometrics to verify payments. The technology from Mastercard is similar to password now that uses one identification for all stored passwords.
Here is how it works. Prior to using technology the user will have to download the app on the smartphones. The app will take and store user’s digital image. The person needs to blink once so that system can identify that it was a real person and not a picture of the person.
The biometric system created by MasterCard in partnership with Google, Apple and Samsung is called ID Check. Your face will be digitized and converted into a series of zeroes and ones. When payment verification is needed, the digital code of the image you snap with the phone will be compared with the digital code of the image stored on MasterCard’s servers.
Printech Global Secure Payment Solutions is still firm on traditional payment option via check and ACH for B2B payments. The software CheckPlusCFO facilitate business payments from multiple bank accounts, multiple currencies, from branches in different countries. Printech services US and international banks, insurance companies, government and medium-size business where we improve payment processing operations.
The success of selfie service will depend on the accuracy of digital recognition technology. Security and reliability are major concerns in this day and age.
“Selfie pay is good for consumer market,” – stated Printech Global management, “but we doubt that government officials will order products with their selfies.” Printech Global Secure Payment Solutions stays conservative on the selfie payments option. The company continues to provide reliable secure check printing software and ACH electronic payment solutions to its growing client base.