A step forward for facial recognition with a new in-store payment terminal certified by credit card – Payment


What facial recognition payments look like in practice. Image courtesy of VisionLabs

A new facial recognition payment terminal supports credit cards for the first time, allowing shoppers to show their face in-store to pay with their preferred payment option.

VisionLabs’ Luna point of sale terminal launched in 2019 but without credit card support – and has proven to be popular. Today, its facial recognition software is used in more than 60 countries in industries ranging from retail to transportation, banking and finance. Now, the latest update includes contactless credit card payment via facial recognition, certified by Visa PayWave and Mastercard Contactless, among others.

“We introduced our first generation Luna POS without credit card support in 2019 to simply try out the per face payment process,” said Anton Nazarkin, director of global business development at VisionLabs. “It quickly became clear that the adoption rate of this technology exceeded our expectations: we achieved a conversion rate of over 40% to deal with payments between different types of large national banks and retailers.

“With the Luna POS we have pushed ourselves to the limit by designing a unit that not only meets our stringent requirements as a premier facial recognition solution provider, but also implements the highest security standards. that exist in the payments industry. ”

Amsterdam-based VisionLabs predicts that 1.4 billion people a year will pay using facial recognition by 2025, up from 671 million in 2020. By that date, the market is expected to be worth $ 8.5 billion.

How Customers Are Using Facial Recognition In Practice

Buyers can choose to pay at the terminal using their card, from biometric facial recognition to contactless payments and via chip and PIN. If they choose to pay by facial recognition, the terminal will scan their face in a manner similar to that used when they use technology to unlock a smartphone. The terminal then sends the face model – which it neither saves nor stores – to the payment service provider or bank for identification. VisionLab software then identifies the customer and clears the transaction – as long as the person is who they say they are.

VisionLabs currently has sales of $ 20 million and employs 300 people. He says it will increase by 20% next year as he opens an office in Japan this year and one in Latin America next year.

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