Mastercard is now looking at incorporating payments through augmented reality and will use iris recognition for authentication. The payments company partnered with Qualcomm to develop the prototype that was demoed at Money2020 in Las Vegas.
The prototype will use Masterpass, a digital wallet service from Mastercard which is looking to make checkout process for purchases online, in-app, and in-store simpler. It is also being used for other form factors such as QR code and IoT for payments. Generally, on Masterpass, customers who have cards on other networks will have to create a virtual prepaid card (made by Mastercard) and load money. The payment is pulled from the virtual prepaid card and processed over Mastercard’s payment network.
Mastercard has also tied up with ODG, a design company which specializes in wearable technologies and augmented reality. The video above shows that the payment technology is being demoed at luxury department store Saks Fifth Avenue.
This augmented reality glasses from Mastercard will allow shoppers to view digital representations of products, learn more about what they are buying, see additional options not available in the physical location and get recommendations as well.
When done shopping, users can pay for items using Masterpass, which will first authenticate the user’s iris using Qualcomm Technologies’ iris authentication. The shopper then selects a card from their Masterpass-enabled wallet and completes the purchase by selecting the Masterpass button on the screen.
Facebook’s augmented reality plans
Note that Facebook had mentioned that it has maxed out how many ads it can squeeze into people’s news feeds, and as a result, was looking monetize their other properties. One of the solutions was that Facebook would create an ecosystem augmented reality. At the time, CEO mark Zuckerberg said that augmented reality can use object recognition where users can point a camera at an object and get card information and even include a buy button.