How facial recognition payments look in practice. Image courtesy of VisionLabs
A new facial recognition payment terminal supports credit cards for the first time, enabling shoppers to show their face in-store to check out with their preferred payment option.
VisionLabs’ Luna POS Terminal was launched in 2019 but without credit card support - and proved popular. Today its facial recognition software is used in more than 60 countries in sectors from retail an transport, to banking and finance. Now the latest update includes contactless credit card payment through facial recognition, certified by Visa PayWave and Mastercard Contactless among others.
“We introduced our first generation of Luna POS with no credit card support in 2019 to simply try out the face-based payment process,” says Anton Nazarkin, global business development director at VisionLabs. “It quickly turned out that the adoption rate of this technology exceeded our expectations: we have recorded a conversion rate upwards of 40% to face payments among different types of major national banks and retailers.
“With the Luna POS, we pushed ourselves to the limit in designing a unit that not only meets our strict requirements as a best-in-class facial recognition solutions vendor but also implements the highest security standards that exist in the payments industry.”
Amsterdam-based VisionLabs predicts that 1.4bn people a year will pay using facial recognition by 2025, up from 671m in 2020. By that date, the market is expected to be worth $8.5bn.
How customers use facial recognition in practice
Shoppers can opt to pay at the terminal using their card in ways from biometric facial recognition to contactless payments and via chip and PIN. If they choose to pay using facial recognition, the terminal will scan their face in a similar way to that used when they use the technology to unlock a smartphone. The terminal then sends the face template – which it neither saves or stores – to the payment service provider or bank for identification. The VisionLab software then identifies the customer and clears the transaction – as long as the person is who they say they are.
VisionLabs currently turns over $20m and employs 300 people. It says that will grow by 20% next year as it opens an office in Japan this year and one in Latin America next year.
via https://AiUpNow.com October 21, 2021 at 08:28AM by Chloe Rigby, Khareem Sudlow,
