The recent launch of Apple Pay, the new payment system by Apple and MasterCard that uses a digital authentication platform, is undoubtedly a milestone in the development of payment technology.
The system will enable MasterCard holders to use their mobile phones to make payments, eliminating the need to carry plastic cards. Until very recently, the idea of entering a store and using a fingerprint to make a payment seemed far off, even though the technology has been available for some time.
In Africa, financial inclusion projects that use biometrics to identify millions of cardholders have been successful. However, the launch of Apple Pay will start to demonstrate the true potential of the next generation of payment authentication technology.
The new system marks an important advancement in the facilitation and simplification of user authentication. Moreover, learning the different biometric applications that exist will provide the necessary tools for the next generation of authentication solutions not only for a specific platform but also for the mass market on a global scale.
For example, MasterCard recently carried out a closed pilot program using vocal and facial recognition. It developed a mobile application that was tested in an e-commerce environment of more than 14,000 transactions using Android as well as iOS. The results were promising; they obtained a successful verification rate of 98 percent.
A combination of facial and vocal recognition was used. The process took less than ten seconds in most cases. This constant innovation is a key to dealing with fraud in the new era of e-commerce.