This New Payment System Lets You Buy Things with Your Face
Alyson Wyers — July 24, 2013 — Business
A new payment system uses facial recognition software to let customers pay for their purchases without the use of cash, credit cards or even SmartPhone apps. Finland-based Uniqul recently launched the system in the Helsinki area. To use, one must create a Uniqul account. At applicable check-out stations, the Uniqul tablet recognizes the customer's face using biometric data. Before completing the transaction, the customer must accept the charges. An account is synced to a credit card, and has a monthly subscription fee. To ensure the security of their clients, Uniqul uses military-grade algorithms.
As seen in its promotional video, Uniqul views its new payment system as the perfect purchasing tool when in a hurry. Whether you're rushing at the grocery store, at the airport or the gas station, you can pay with a simple nod.
As seen in its promotional video, Uniqul views its new payment system as the perfect purchasing tool when in a hurry. Whether you're rushing at the grocery store, at the airport or the gas station, you can pay with a simple nod.
Trend Themes
1. Facial Recognition Payment - The trend of facial recognition payment systems offers a disruptive innovation opportunity to the retail and financial industries.
2. Biometric Authentication - The trend of biometric authentication presents a disruptive innovation opportunity to the security industry and online payment systems.
3. Frictionless Checkout - The trend of frictionless checkout through biometric payments presents a disruptive innovation opportunity to the retail industry.
Industry Implications
1. Retail Industry - The retail industry can benefit from implementing facial recognition payment systems to improve checkout processes and enhance customer experience.
2. Financial Industry - The financial industry can explore opportunities to integrate biometric authentication methods for secure and seamless payment transactions.
3. Security Industry - The security industry can leverage biometric authentication technology for advanced security measures in access control systems.
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