The $8.1 billion, Mountain View, Calif.-based First Tech Federal Credit Union has announced a new pilot with MasterCard, dubbed "Selfie Pay," which allows credit union employees to complete mobile transactions using facial recognition and fingerprint biometrics.
For the pilot program, slated to run in September and October 2015, more than 200 First Tech FCU employees will test the product using artificial funds and biometrics in a closed environment.
The pilot will evaluate the potential for delivering greater security and convenience to First Tech FCU's U.S. cardholders by allowing them to verify their identity via facial photographs or fingerprint scans on their smartphones, the credit union said.
The goal of the technology is to enhance ease and convenience during the use of credit and debit cards for online purchases, while helping to ensure the security of payments. Pilot program participants will use smartphone apps to make virtual donations to Children's Miracle Network Hospitals.
"At First Tech, we're establishing a strong track record for bringing the most secure and forward-looking payments security to our members, first with our introduction this year of chip-and-PIN debit and credit cards," Greg Mitchell, president/CEO for First Tech FCU, said. "In that spirit, this biometrics pilot program represents an exciting next step in payment convenience and security. Our members are some of the most technologically focused consumers on the planet, and being an innovator in the payments security space is evidence of our strong desire to meet our members' unique needs."
Catherine Murchie, senior vice president of U.S. processing, network and enterprise security solutions for MasterCard, revealed that a recent MasterCard survey found 83% of consumers are excited about new secure technologies helping to protect their financial information.
"In the same survey, 75% of consumers stated that they have heard of biometric payments," Murchie said. "We're excited to be on the cutting edge of exploring biometrics and engaged in the first U.S. pilot with First Tech Federal Credit Union."
First Tech and MasterCard introduced the concept for this biometrics pilot program at the White House Cyber Security Summit held at Stanford University in February. The pilot program builds on existing initiatives from MasterCard and the Mentor, Ohio-based CardinalCommerce to power First Tech FCU's cardholder verification processes.
MasterCard and First Tech both support CMN Hospitals, a nonprofit organization dedicated to raising funds and awareness for 170 children's hospitals across North America.
First Tech FCU serves many leading technology-oriented companies and their employees, including HP, Microsoft, Agilent, Intel, CISCO, Amazon, Nike, CH2M Hill, Intuit and Google.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
