We are witnessing the peak of technological revolution where giant enterprises are taking advantage of new innovation to make consumers’ life easier. Part of the bargain returns more sales to the companies, but it is the customers that get the most benefit. Keeping the perks of face recognition system in mind, MasterCard has announced to replace its password system with selfies within 5 years.
The rumors of so-called ‘MasterCard Identity Check’ had been around the block for quite a while until, the e-commerce company finally approved of it. By the virtue of this system, the users will be able to verify their MasterCard accounts with just a blink of the eyes while looking into their cameras. This will not only make online shopping more convenient, but it will also remove the need to remember passwords, as a user’s face will become a living signature.
Another benefit of using selfie as a security verification system is that it cannot be ‘stolen’, forgotten or lost. However, the technology itself is nascent and in developmental stages, there are few barriers to cross. For instance, to completely secure a user’s account, the bio-metric system used for face recognition must be very accurate, so much so that not even your doppelganger should be able to crack it.
Currently, Mastercard is employing a security verification system called SecureCode, similar to the use of EMV smart chip technology, in which the customers have to enter their passwords at a point of sale or while shopping online. According to the company, this system is secure but it also becomes a burden on customers because they have to enter the password every time, even for a minor purchase. Selfie password system will not only save them time but also make it their preferred method of shopping, which in turn will boost e-commerce.
Apart from that, deploying a selfie based encryption system will also help enhance merchant retail sales. Researched has showed at many instances such transaction don’t get through because people get stuck at the step where they have to enter the password. By introducing a simple blink-in selfie, the online shoppers will no longer abandon their baskets and more orders will be seen completed.
Another survey commissioned by MasterCard and conducted by Norstat involving 10,000 people yielded staggering results. It outlined that 53% of the shoppers forget crucial passwords more than once a week, which cost them 10 minutes on the average to reset their settings. As a result, 1/3rd of the people chose not to go ahead with the online purchase. Public polls also indicated that more than half people wanted a more convenient method to replace passwords.
Selfies are not only popular, but they have become an unstoppable trend among the social media channels. People like to archive important events of their lives through selfies, by bringing this revolutionary idea in security encryption systems, MasterCard is sure to boost its sales and subscribers.
MasterCard Identity Check set to arrive in United Stated amid 2016 and will be available in all the financial institutions across the country, before going all out for the world in 2017, at least they hope so.
