VisionLabs has launched the world’s first facial recognition payment technology called Luna POS in Las Vegas.
Customers will be able to buy merchandise without a card or phone, by simply using their face.
The software scans the customer’s face, then sends the face template to the payment service provider or bank for identification.
VisionLabs algorithm then validates the customer’s identity, determining transaction success or failure.
However, the terminal does not save any facial data without consent from the customer and authorisation from the operator.
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The terminal has already been certified by Visa Pay Wave, Mastercard Contactless and more, making it the first payment system to accept both traditional credit cards and biometric facial recognition payments.
The creation of the software was a direct response to the Covid-19 pandemic, which accelerated the demand for biometric contactless payment methods.
The number of users securing payments via software-based facial recognition is expected to exceed 1.4 billion globally by 2025, compared to just 671 million in 2020.
“We introduced our first generation of Luna POS with no credit card support in 2019 to simply try out the face-based payment process,” VisionLabs global business development Anton Nazarkin said.
“It quickly turned out that the adoption rate of this technology exceeded our expectations: we have recorded a conversion rate upwards of 40 per cent 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”.
