LG CNS' Facial Recognition Payments Combine AI & Blockchain
Laura McQuarrie — April 29, 2020 — Business
References: lgcns.co.kr & nfcw
Facial recognition payment systems, unstaffed retail stores and contact-free payment systems were being implemented before the ongoing pandemic but these technologies promise to be more useful than ever, especially as people and businesses adapt to a new reality. LG CNS is piloting a new payment solution at a convenience store within its company headquarters that implements facial recognition, a blockchain-based digital currency and artificial intelligence technology.
At the unstaffed convenience store, the face-based digital currency payments save shoppers from having to check out in close proximity to others or employees and minimize unnecessary contact with surfaces in the store. Notably, LG CNS' video showing the system in operation shows the system's ability to recognize customers even if they are wearing accessories like a mask or sunglasses.
At the unstaffed convenience store, the face-based digital currency payments save shoppers from having to check out in close proximity to others or employees and minimize unnecessary contact with surfaces in the store. Notably, LG CNS' video showing the system in operation shows the system's ability to recognize customers even if they are wearing accessories like a mask or sunglasses.
Trend Themes
1. Facial Recognition Payment Systems - Facial recognition payment systems offer a contactless and secure way for customers to make transactions, minimizing the need for physical contact.
2. Unstaffed Retail Stores - Unstaffed retail stores leverage automation and technology to create a convenient and safe shopping experience without the need for personal interaction with store employees.
3. Contact-free Payment Systems - Contact-free payment systems eliminate the need for physical payment methods such as cash or cards, allowing for a touchless transaction process.
Industry Implications
1. Retail - The retail industry can benefit from implementing facial recognition payment systems and unstaffed retail stores, providing customers with a seamless and safe shopping experience.
2. Banking and Finance - The banking and finance industry can incorporate contact-free payment systems to offer customers secure and convenient ways to make digital transactions.
3. Technology - The technology industry has opportunities to develop and improve facial recognition, AI, and blockchain technologies to support advanced payment solutions like those offered by LG CNS.
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