Bank cards are already being replaced by phones and wristbands that have payment technology built-in but the latest threat to the lowly plastic in your pocket could be your face.
A Finnish startup called Uniqul has launched what it calls the first ever payment platform based on facial recognition.
The system doesn’t require a wallet, bank card or phone – instead a camera is positioned at the checkout and takes a photo of a shopper’s face when they are ready to pay. It then scans a database for the face and matches it to stored payment details in order to complete the transaction.
Uniqul claims that the technology is securely protected by ‘military grade algorithms’ capable of identifying even the smallest of distinguishing features of identical twins, for example.
A spokesman said: ‘In the background our algorithms are processing your biometrical data to find your account in our database as you are approaching the cashier.
‘The whole transaction will be done in less than 5 seconds – the time it usually takes you to pull out your wallet., explains a press release from the company. The system is being trialled in Helsinki and customer registrations have already opened.
Customers can register credit cards or PayPal to link for their Uniqul account.
People will need to pay for the privilege though. Individual users pay a monthly subscription fee which will vary depending on the area in which the system has been installed. For example, in Helsinki, 86p (€0.99) a month will unlock the service in a one mile radius from a chosen point, while £1.71 (€1.99) will cover a specific city.
The third level costs £2.57 (€2.99) a month and will extend to nearby suburbs.
And finally, for £6.01 (€6.99) a month, shoppers can use the technology anywhere that it has been installed. Facial recognition is also set to be introduced to cash machines in the future that will scan the faces of customers to authorise their withdrawals.
The design from Ohio-based security firm Diebold can also set up a transaction in advance to make it possible to send money to a third person. The customer inputs the payment amount and the recipient’s contact information, which can be selected directly from his or her contact list. In other futuristic payment news, PayPal recently launched PayPal Galactic – a project aiming to introduce payments in space. The company wants to be able to deliver payments outside of Earth and is working with companies such as Virgin Galactic to see how this would be possible.
Bye bye credit cards! Pay for purchases with your face
