The technological method is barely vaguely described however suggests some form of centrally managed database is utilized which is usually a nasty thought for biometric information. Mastercard signifies that this will show environment friendly for funds in the Metaverse, however in fact no person makes use of their actual face in the metaverse, they purchase their face as an NFT.
“Is it safe?
The use of biometric information for payments raises a host of concerns around privacy and how the data gets collected.
For its part, Mastercard says all the data customers enter into its system is encrypted in such a way that ensures their privacy isn’t compromised.
When you enroll, your face or fingerprint scan is replaced with a “token” — a random string of alphanumeric characters — after which linked to your cost card.
Mastercard mentioned it has created a set of requirements to guarantee customers’ information is protected. The firm is working with a number of different corporations to launch the characteristic, together with Fujitsu, NEC, Payface, Aurus, PaybyFace and PopID.”
I hope they publish these requirements quickly since it’s already stay in Brazil!
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
Mastercard Launches Pay-By-Biometric in Brazil, Soon to Expand & More Latest News Update
Mastercard Launches Pay-By-Biometric in Brazil, Soon to Expand & More Live News
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