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How your face could soon replace your credit card and UPI based payments

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How your face could soon replace your credit card

Highlights:

  • Forget credit cards — now you can pay with your face.
  • Facial recognition even identifies people wearing masks.
  • In addition, you can choose to use PopID’s hand gesture tipping tool.

With the surge in digital payments brought about by the Covid pandemic, UPI seems to have been the biggest winner as peer-to-merchant (P2M) transaction volumes have risen 12%, 8%, and 11% month on month between July, August, and September, respectively. During the same period, credit card transactions have grown 6%, 8%, and 4% respectively.

Now a new method of payment is coming soon. Welcome to the futuristic world of facial recognition payment. It might sound like something from a science fiction movie, but this kind of transaction is already happening millions of times a day across China’s major cities. Contactless has also helped consumers keep safe during the pandemic when they’re buying from a physical store, not having to touch anything to make a payment.

Customers create an account on their phone, including taking a selfie for their profile and adding a payment method for a debit or credit card. So then when it comes to paying for something, the customer looks into the camera of a PopID tablet and is verified by the cashier. And that’s it. The money is withdrawn.

PopID’s chief exec, John Miller, stated that:

“Our view is that using your face to pay is no different [to using a phone]. It’s just another way to identify yourself.” And talking of potential security issues regarding the digital image on a customer’s account, he added that “The picture is destroyed immediately, and the data isn’t shared with anyone.”

“Our phones already read our faces, and our faces are already all over the internet, so we don’t think it really makes much of a difference. It’s faster, more convenient, and safer… and you don’t have to worry about leaving your phone or cards at home.”

For restaurants, the service is fast and cheap, assuming customers sign up for it. Easier ordering can speed up lines, and PopID is offering lower fees to process each payment than other payment processing or credit card companies.

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