Mastercard and Mitacs will partner on cybersecurity-focused projects to advance research and development (R&D) and innovation, which will involve some Canadian academic institutions’ input, according to a Tuesday (May 17) Mastercard press release.
Mitacs is a nonprofit organization working on innovative research partnerships, and Mastercard will be investing $500,000 to develop the multiyear collaboration.
Mitacs will use that funding to support projects focusing on cybersecurity for the digital ecosystem, per the release, using its position as a “catalyzing force” to set up strategic collaborations with Mastercard and various big players in the Canada innovation ecosystem.
That will come with helping Mastercard develop a pipeline for talent, connecting the company with leading researchers and small- to medium-sized businesses (SMBs) that have been doing cutting-edge work.
The release noted that the two firms will be responding to the way consumers have been shopping online with various devices, ensuring that their financial data is secure. The partnership will also reportedly look into investing in new tech advances in security and making data safer.
According to Mastercard, this partnership is the latest in a series the company has made as part of the $510 million investment in its Global Intelligence and Cyber Centre of Excellence in Vancouver, which will support Canadian talent and innovation in “digital and cyber security, data, artificial intelligence, and the Internet of Things.”
In another example of the company investing in new technologies, Mastercard plans to add biometric options to allow in-person payments to be completed via a smile or wave of the hand, using a face or fingerprint to ensure the right person is paying.
The program aims to set standards for ways to pay at stores of varying sizes, helping to get banks, merchants and tech providers on the same standard.
The pilot program will start in Brazil at five St. Marche supermarkets. One enrolled in the program, shoppers can pay by smiling into a camera or waving over a scanner.