RIO DE JANEIRO, BRAZIL – Payface, a Brazilian startup of facial recognition payments, was among the 9 chosen for Mastercard’s “Start Path”, an acceleration program from the card company. It was the only Latin American company selected in this edition of the project.
Founded in Santa Catarina, the fintech’s proposal is to improve the retail buying experience using facial recognition technology. Users register their faces on the app, and at checkout stand in front of a device which identifies them without their cell phone or card.
During the 6 months with Mastercard, Payface will have access to the technology, mentoring, and resources of the card giant. “We want to leverage Mastercard’s global network to engage directly with consumers, gather feedback on geographic expansion and relevant market dynamics, and receive guidance on product viability,” says Payface CEO and co-founder Eládio Isoppo.
After almost 3 years in the market, the startup has implemented projects in 6 Brazilian states, including São Paulo and Minas Gerais. “The news demonstrates how dedicated and capable we are to address the adversities of the payments market, an extremely competitive and constantly growing sector, and also certifies how our biometric technology is a strong trend for the future,” adds the fintech’s CTO and co-founder Ricardo Fritsche.
“We have been partnering with fintechs since the beginning and evolving the Mastercard Developers portfolio with programs like Start Path to support companies like Payface in their journey to grow and scale,” adds Mastercard’s Senior Vice President of Fintech & Enablers Amy Neale.