MasterCard has announced it will invest over $20 million in cybersecurity technology this year, including biometrics authentication.
The announcement comes amidst plans by the multinational payments technology company to launch a range of new products. These include MasterCard Safety Net, a solution providing a layer of security on top of existing protection offered by banks.
MasterCard will also be investing in biometrics authentication technology. This year will see the rollout of a pilot programme, in collaboration with First Tech Federal Credit Union, which will verify transactions using biometrics including facial and voice recognition and fingerprint scanning.
The biometrics sector is set to take off in coming years and is expected to see widespread acceptance by consumers, especially in the younger generations. For example, a recent survey by Visa Europe found 75% of 16 to 24-year-olds (sometimes known as "Generation Z") said they would be happy to use biometric security for payments, with 69% believing it would be faster and easier than other methods.