Mastercard Inc the second highest global credit card issuer has teamed up with Payface in order to facilitate a new form of digital transactions. Counting an average of 280 thousand transactions on a daily basis across 775 million users during the last quarter of 2021. As an add-on to previous scannable methods such as fingerprint identification or facial recognition, the company has released their Biometric Checkout Program. The concept was created out of a growing trend to accommodate what’s being touted as the next generation of payment processing, and is expected to streamline a projected $18 billion dollar market share over the next 4 years.
Payface, the digital firm behind the technology, is a Brazilian based startup founded by Eladio Issopo and Ricardo Fritsche in 2018. Possessing a total of $6 million USD after their last seed funding round, the company has quickly gained notoriety as a dining payments solutions company. A partnership with MasterCard marks the second high ranking deal since joining the pharmaceutical market and conquering the FinTech circuit. The move will put the company at the forefront as they focus on increasing marketshare across US based customers while increasing their footprint in other countries overseas. The new program will contain features such as payment processing via a wave, hand gesture, smile, or other gestures with a simply enrollment process. Additional partnerships include NEC, Aurus,PopId, and PaybyFace.
