At its core, banking has always been about two things: keeping money safe and moving it from point A to point B. Payments—whether through cash, cards, or digital solutions—have evolved significantly, and we are now at a critical juncture where speed, security, and seamlessness are driving the next wave of transformation. When we launched our “Pay by Face” trial at Mashreq, it was a critical milestone on our journey toward a payment ecosystem that is faster, smarter, and far more secure. It also provides a springboard to discuss what I like to call the “Three Eras of Payments.”

In the earliest phase of our payment evolution, the shift away from plastic cards to digital wallets like Apple Pay, Google Pay, and Samsung Pay was revolutionary. This era was characterized by the adoption of contactless transactions, a move that transformed everyday spending into a seamless, almost invisible process. The convenience of a tap or a scan replaced the need for physical cash or plastic, laying the foundation for a digital-first mindset in consumer behavior.

Our current era is defined by immediacy and innovation. Real-time payments have become the norm—transferring funds instantly, whether it’s a person-to-person transfer or a payment at a point-of-sale. Yet, what truly excites me is the integration of emerging form factors. The “Pay by Face” trial is emblematic of this transformation. By using facial recognition as a payment method, we are not just adding another authentication method; we are rethinking the entire payment experience.

This trial demonstrates that the future of payments is about more than speed. As customers increasingly demand frictionless, instant, and secure transactions, biometrics and real-time processing are converging to meet these expectations. The seamless, almost magic- like experience of “Pay by Face” is a concrete example of how we can harness technology to simplify financial transactions without compromising security.

Looking ahead, the third era promises to disrupt our very concept of what a payment is. Imagine a world where you no longer need a phone or a card—a world where payment transactions occur at an atomic level, triggered by secure, multi-factor biometric identification. In this future, your identity could be verified through a combination of your face, fingerprint, or even other unique biological markers, making physical devices obsolete.

Kartik Taneja

Head of Payments & ConsumerLending at Mashreq

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