– This is the script of CNBC's news report for China's CCTV on March 4, Friday.
Welcome to CNBC Business Daily, I'm Qian Chen.
MasterCard customers will soon be able to replace their passwords with a "selfie" and a fingerprints to verify their identity and make payments online.
The payment processing company confirmed the decision to introduce biometric checks.
Biometric solutions could include facial recognition, fingerprint scanners or checking the customer's heartbeat using wearable technology such as smartwatches.
The system could lead to increased online sales as passwords are replaced with a more convenient solution. According to a survey by MasterCard, 53 percent of shoppers forget passwords at least once a week, wasting more than 10 minutes to reset their accounts and leading to a third of shoppers abandoning their purchase.
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065517 What they want to be able to do is, they want to be able to make sure that peoMATTHEW (t) DRIVER MasterCard Group Executive, Global Products and Solutions (GP&S), Asia Pacific
ple can check out conviniently. A lot of people drop out of the process because it's clunky today doesnt work very well. So the fact that you are adding extra convinience to the consumer, which means they are more prepared to go through the transcation, which give them more transactions, I think they are more comfortable because a bio-metricly sophasicated solution is a better solution and they are gonna be more comfortable to approve more transaction. So that's a double benefit if you like. 065546
MATTHEW DRIVER, MasterCard's regional Group Executive told CNBC that biometric checks had been trialled in the U.S. and the Netherlands and will be launching them in the U.K. soon.
The company first revealed the MasterCard Identity Check system in October last year as part of its commitment to improve online payment security.
"If you think about some of the things we've rolled out in some emerging markets, in places like Africa, where people don't have identities because they don't maybe have passports or driving licences, then biometric authentication is a way of saying 'I'm me'", Mastercard said.
CNBC's Qian Chen, reporting from Singapore.