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MasterCard's Using Robots, Artificial Intelligence and Selfies to Change Payments

Using robots, artificial intelligence, biometric authentication, and wearable devices, you may never think about payments the same again.

One of MasterCard's (MA) - Get Report  newer technologies is, Pepper, a humanoid robot, who can take customers' order, give nutritional information, provide promotional deal information, while using MasterPass, to approve the transaction. Pepper was announced in May and will be piloted in Pizza Hut (YUM) - Get ReportAsia by the end of the year. And if consumers don't want to leave their house to shop for groceries, the credit card processor, created a 'Groceries by MasterCard' app, which allows consumers to use their Samsung refrigerator to shop, select, and buy groceries. MasterCard partnered with grocers, FreshDirect, MyWebGrocer, and ShopRite to order groceries through your refrigerator. Using biometric authentication technology, MasterCard created a selfie pay app, called "Identity Check Mobile," that uses facial recognition or fingerprints to verify the identity of a customer trying to make an online purchase. MasterCard partnered with startup company, Kasisto, to create this "conversational artificial intelligence platform" that can be used by banks and merchants to allow customers to make transactions, monitor their spending habits, check their account balances, ask questions and learn about promotions. The chatbot will be released in the U.S. early next year.

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