Well, imagine taking a good look at something and
then it's instantly added to your shopping cart. That
scenario might sound like science fiction, but it could
be a reality someday soon, Mastercard invited Che News
, senior reporter Michelle Castillo to visit its New York
Experience Center where she got a glimpse of what shopping
and payments might look like in the not too distant
future. Technology is changing the way we shop and
it's not just the chip in your card. Mastercard's
Chief Technology Officer, Ed mclaughlin showed me the future
of shopping and we're way past cash and cards as
we see these digital experiences becoming more and more immersive
. One of the things that people want to do
is buy stuff, engage in commerce and making sure
your Mastercard is right there with you. Starting with
the ability to buy things with just one look in
the future. We may all be shopping in the
metaverse. But how can your avatar do that?
Well, this demo is one theoretical way about how
it could work. So what you're going to do
is you're going to use this eye tracking device you're
noticing. I'm not wearing a headset and look at
a product for just three seconds. I'm looking at
the Prairie cookies right now and then I can just
look at the add to cart and it should do
it. Just like that. Mastercard's Chief Innovation Officer
Ken Moore believes the future will be a mix of
digital and real experiences. As you walk around a
city, as you interact with signs and sign posts
and you're having, you're having your physical world with
digital overlays on top of it giving you information that's
relevant for you. We think that's going to Herald
the next wave of kind of hyper personalized experiences.
Let's say you're paying with your digital wallet in the
future, it will hold your virtual cash and your
biometric data. So for example, let's say I
want to buy this Jersey if I use my digital
wallet, of course, it has my virtual credit
card number, but it might also have information on
my size. This is especially useful because it makes
the process more seamless for me as well as the
fact that people usually buy three items in return to
. So this can help the retailer actually save money
on those returns. Not all the tech is hypothetical
, some of it is in use like using A
I to detect fraud. So what does an A
I do? It makes predictions, we can get
a pattern and know what fits that pattern and what
doesn't, we can look at those patterns? See
does it look suspicious? This map shows potentially fraudulent
transactions at the same time or near same time.
We had a transaction that looked great and one that
the A I picked up as potentially being really big
, the A I learned your behavior, it knows
if you're on a trip or if you're likely to
shop at a particular place through the A I engines
that we have. We've not only reduced fraud three
times, we've let six times more good transactions go
through that might have been stopped with simpler systems.
Mastercard is also expanding facial payments past your phone.
It's currently testing this system in a Brazilian supermarket.
So you just enroll in an app. So you
just take a photo of your face connected to a
credit card and pick the merchant that would accept it
and then you should be able to pay. Now
, you're gonna select this option right here that says
pay with biometric checkout and then you put your face
in the frame and as you can see, you
can confirm and pay. Of course, these technologies
involve collecting your personal data and a lot of consumer
trust. It's always that balance between giving you the
security that you, you wanna feel and security you
can trust in, but also minimizing friction, right
. And there are different tradeoffs and different customer experiences
. Tech is making it easier to shop and it's
a future that's closer than you think for Cheddar news
. I'm Michelle Casilla, very cool stuff there.
And Mastercards, Ken Moore added that one of the
next frontiers in the payment space is what he called
the quote broader imagining of money, Hannah that can
include paying for things without traditional currency, but using
Cryptocurrency loyalty points and and may be no surprise as
you can expect innovations in that space from his company
coming soon. Thanks to, of course, for
that report. What do you think about shopping like
this? I think it's terrifying. I'm going to
spend so much money without, and the fact that
Michelle, I just assumed that she'd be wearing a
headset to be able to do this without a headset
. Just looking at a screen and something ending up
in your cart is incredible. You and I talk
about this a lot though. I think security privacy
is going to, it's going to be a huge
conversation moving forward. Absolutely. And how that biometric
data is actually disseminated, right? Because a password
and an email is one thing, but I think
you're on to something very important there, which is
our DNA, our biometrics. That's what makes us
us, right? So that's something that you want
to protect. But I do think this is inevitable
. I just, I just hope, you know
, the security kind of catches up with everything,
the infrastructure when it comes to it.