NOW THAT’S A GOOD IDEA…
OUT THE BOX
Pay with your f
Introducing the ‘world’s first’ solution to offer facial recogn
WHAT’S THE BIG IDEA? Buy stuff with your face.
UH HUH... VisionLabs, a facial recognition company, has launched new biometric payment hardware. The LUNA POS Terminal is the first payment device to enable both traditional credit card payments and biometric facial recognition payments in one. With six designs and three utility patents filed, the device is set to radically disrupt everyday biometric payments. At least, that’s what VisionLabs are saying. The terminal offers the hardware, supported by VisionLabs’ AI-driven facial recognition algorithm, to empower retailers to offer their customers the world’s first complete, contactless solution. Meanwhile, for consumers, the terminal offers a better, safer digital transaction experience.
WHAT’S PROMPTED THIS MOVE? The creation of the terminal comes as a direct response to the Covid-19 pandemic, which has radically accelerated the shift to biometric contactless payment methods. While some banks are already using smartphone-supported
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facial recognition to authenticate online payments, this is not enough to satisfy consumers’ growing demand for safer and more secure ways to pay, contact-free. This appetite will see the number of users securing payments via software-based facial recognition exceed 1.4 billion globally by 2025 compared to just 671 million last year. Beyond this, facial recognition payments offer consumers a quick, convenient and more secure alternative to traditional card payments.
HOW DOES IT WORK? The terminal scans the customer’s face, similar to using facial recognition to unlock a smartphone, the face template is sent to the payment service provider or bank for identification. VisionLab’s algorithm identifies whether the customer
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