Facial Recognition Payment System - Boon for Bharat
Imagine Sarla a daily wage earner going to the bank or Micro ATM (Human ATM) and withdraw/deposit without card/Cheque/payment slip/finger impression.
This may sound more like futuristic world. But just imagine Sarla just need to look at a camera, authenticate her identity and then make the transaction. This is possible because of the facial recognition payment system.
Why facial recognition payment system?
—> These segment of daily wage earners are not comfortable with
Card and Pin
Cheque filling activity
Filling the typical payment slip
—> When it come to Micro ATM (Human ATM) due to heavy labor their fingerprint don’t match (as its faded out)
Which results in loss of wages, unnecessary travel cost and loss of interest
BC points were not able to serve these customers
How does it work?
The user taps 'Pay with Face Recognition' on the screen of the device which scans the face and recognizes the user.
The user then taps 'Confirm Payment' and the payment is done automatically through this mode.
This mode of payment scans the customer's face, similar to using facial recognition to unlock a smartphone.
How safe is the payment mode?
It is therefore becomes more important to understand the technology behind. It is an advanced form of biometric system significant for authentication and examination of individuals by correlating and matching the facial features with an image from the stored facial database.
Now a days with GPUs, which is thousand times faster than CPUs, its has become possible to have the entire facial recognition platform in user premises inside their own network.
This means the face data can reside within the control of service providers and ensure that the stored data is in encrypted form that further reduce the possibility of any misuse.
In comparison to well-known credit card fraud methods, this will cost the fraudsters more. In contactless card payments, there is no way to make sure that the person presenting a card is the actual cardholder.
Facial recognition payments are most widely used in China. In 2019, some 1,000 convenience stores installed a facial payment method and more than 100 million Chinese have registered to use the technology. Alipay and WeChat Pay are powering the trend.
Los Angeles-based tech company PopID is using facial recognition technology to enable customers to pay at restaurants
Spain in Europe is expected to have one of the largest networks of facial recognition-powered ATMs in the world.
With strong regulatory framework all concerns against facial recognition payment system technology can be addressed and the technology can be adopted for its best use.