MasterCard has made Dublin the location of its latest MasterCard Labs office. The ‘innovation hub’ will lead the development of technology for the company’s worldwide operations and will foster projects in the areas of coupon purchases, biometric authentication, near field communication and gesture control.
According to official figures there are 1.7 billion MasterCard credit cards in circulation across 150 countries on which a total of $3.2 trillion was spend in 2011.
At an event at the Leopardstown office, executives from MasterCard highlighted the company’s strategy to move away its current perception as a payments processor to a technology company capable of embracing new technology to deliver new services.
Examples given on the day included a system being used in South Africa to cut down on social welfare fraud. Instead of receiving payments in cash, claimants are issued with a card which is credited on verification of identity either through voice or fingerprint. A third option of facial scannning is expected to be rolled out in future.
Also on show was QkR, a payments system that uses a combination of text input, NFC tags and QR codes to deliver coupons to a handset and make payments with a single click without having to queue at a point of sale.
The integration of social networking with payment platforms was show in the pilot project KOY, a social media coupon application that lets merchants set offers in real time, and Evnts a gamified app in the Foursquare mould that rewards users for checking in at merchants stores with special offers and badges.
Garry Lyons, chief innovation officer, MasterCard Worldwide (pictured), said: "MasterCard has a strong history of delivering leading innovations around the world. The MasterCard Labs team is going to expand on that heritage by pushing the boundaries of innovation and technology to create an environment focused on delivering products and solutions that make people’s lives easier, wherever they are in the world."
TechCentral Reporters
Ltd
