VisionLabs, a Netherlands-based biometric technology company, has unveiled a payment device that allows consumers to pay for goods at a glance.
The Luna POS device is the “first payment terminal that supports both traditional payment methods while facilitating the authorization of transactions through biometric facial recognition,” the company said on Sunday.
The technology has six design patents and three utility patents, and runs on VisionLabs’ Luna SDK platform, a facial recognition engine that enables efficient and accurate processing of faces in live images and video streams. It can work on a wide range of devices.
âWe introduced our first generation Luna POS without credit card support in 2019 to simply try out the per face payment process,â said Anton Nazarkin, director of global business development at VisionLabs.
âIt quickly became clear that the adoption rate of this technology exceeded our expectations. We have achieved over 40 percent conversion rate to deal with payments between different types of major national banks and retailers.
The global market for biometric payments has continued to grow, with the advent of more accessible devices for users and more merchants adopting the technology.
The global biometric payments market is expected to reach $ 63.4 billion by 2026, up from $ 32.4 billion in 2020, according to a study by research firm Facts & Figures.
Tech companies like Apple and Samsung are already using facial recognition systems to process payments through their Apple Pay and Samsung Pay platforms on their devices, including their flagship iPhone and Galaxy smartphones.
Major economies are also using facial recognition to process payments, especially in the United States where software company PopID unveiled its contactless method in 2020.
In China, payment company Alipay registered more than 100 million people on its face payment platform in 2019, while subway commuters in Guizhou province can also use the technology to pay for their tickets.
Adoption rates are also increasing in the United Arab Emirates. A recent Mastercard survey found that 97% of consumers plan to use at least one new digital payment method.
In August, Abu Dhabi Islamic Bank became the first lender in the UAE to adopt facial recognition technology for account openings.
While some banks are already using facial recognition supported by smartphones to authenticate online payments, VisionLabs believes that this is not enough to meet growing consumer demand for safer and more secure contactless payment methods.
The Luna POS was created in direct response to the Covid-19 pandemic, which has dramatically accelerated the shift to contactless biometric payments, the company said.
The number of users securing payments through software facial recognition will exceed 1.4 billion worldwide by 2025, up from 671 million in 2020, the company said.
Although the main feature of the Luna POS is its biometric recognition, users can still opt for traditional methods such as chip and magnetic stripe cards, as well as standard contactless payments that use near-field communication.
The Luna POS terminal scans the customer’s face but its security is twofold: It will never record facial data and / or capture it without the customer’s consent and authorization from the terminal operator, VisionLabs said.
The facial model is sent to the payment service provider or bank for identification, where VisionLab’s algorithm identifies whether the customer is who they claim to be.
The algorithm then determines whether the transaction succeeds or fails, the company said.
“We have pushed ourselves to the limit by designing a unit that not only meets our stringent requirements as the best provider of facial recognition solutions, but also implements the highest safety standards that exist in the face recognition industry. payments, âMr. Nazarkin said.
Update: October 25, 2021, 5:21 am