Face Pay is Changing the Game for Industries
Facial recognition technology has completely changed the way people interact with the external world. If you are curious to know how the face pay feature is revolutionizing the entire payment structure for industries, then you’ve come to the right place!
Yes, in this article, we are going to talk about how convenient it is to make a payment through facial recognition and how it is transforming the structure of payment in different industries.
The first time facial recognition technology rolled out, it was only accessible by the government, military, security, scientists, and other professionals. Now, the case is different. It is not limited to professional use anymore. We use face recognition now for a variety of things from unlocking our devices to paying for a service.
This shows us how developed technology will be in the near future. Let us first understand how facial recognition technology works for payments.
How Does the Facial Recognition Payment Method Work?
The face pay method blew up mainly in China in 2020.
As the pandemic started and people were following the social distancing norms, the face pay method has become a necessary mode of payment for making purchases as it was contactless. In some places, it is the only payment method that is available- no cash or cards are accepted. Then slowly the rest of the world followed and we can assure that it is going to be a big thing in coming years.
Mathematical algorithms are used to record, obtain, match, and compare an individual’s face to their identity. A type of software or app collects and scans your face, different identity proofs, payment details, and other details first and once those get verified, it gets integrated into the cloud system and all your information gets stored. This is a super easy and convenient method that gets done in few seconds!
According to an article in Forbes, it is said that the market for facial recognition will grow to $9.6 billion within 2022. But, what are the benefits of facial recognition technology in different industries, and how safe it is? Read on to know!
Industries that are Using the Face Pay Method tor Better Business
The face-based buying/selling method is becoming more and more widespread in several industries. Here are few industries that are incorporating this feature in their businesses.
Ecommerce or Retail Industry
Several reasons can cause interruptions in an online transaction and you might feel flabbergasted to re-enter the payment details while checking out. This is one of the main reasons that throws off the sale.
The benefit of facial recognition technology in retail is that it solves this problem and helps the commerce industry fetch a higher amount of sales.
When it comes to online shopping, everyone is a bit impulsive and buy things spontaneously. If the payment gets delayed, then the buyer might rethink and cancel the order. With the option of face pay, the transaction is done within a few seconds.
The banking sector has seen a lot of technological evolution in the past few years. Type and touch-based interactions are gaining popularity over any other methods. Yes, we do have a lot of card payment methods, wallets, etc but still, people prefer a mode of payment that is easy and safe. Facial recognition in banking is one such method that customers prefer using while making any kind of transaction.
Now, you might ask how is it safer than having a password-protected card system? Well, for starters it is really easy for hackers to crack almost every type of password and turn your life savings into a desert. Secondly, all our cards and wallets contain our identity proofs and again it is a piece of cake for hackers to collect those.
Whereas in facial recognition, the bank knows which face is encrypted with which account, and unless the scan gets verified, no payment will be made. This is a very secure and safe way of handling your finances.
The law enforcement system was one of the first industries to get access to facial recognition. There are ample benefits of facial recognition in law enforcement. It can help prevent a lot of crimes, save victims, catch the accused, and so on. It can also be used to find and identify a missing person.
For example, when a missing person report is launched and the picture is given to the concerned department, they feed it to their facial recognition servers and if any match is found, it becomes easier to find the missing person. There are many instances where the crime bureau used this technology to find clues about an investigation or catch criminals.
An attendance system that is integrated with the facial system eliminates the chances of errors in an employees’ system. It helps in properly tracking and monitoring the working hours and attendance of employees.
One of the major advantages of face recognition in the attendance system is that it also helps in rolling out salaries accurately. It prevents overpayment as well as underpayment.
Renowned institutions and corporations all over the world use facial recognition security systems to protect against any kind of privacy breach and vandalism. Face recognition software leaves no stones unturned when it comes to manual errors and therefore solves a lot of security problems.
With the help of some algorithms, it helps in photometric and geometric recognition within a few seconds.
The Cannabis Industry
Well, when it comes to cannabis, facial recognition is already a huge thing in the cannabis industry. This is because a lot of underaged individuals use fake ids to get access to them. With facial recognition, the process of verifying a user’s accurate identity becomes a lot easier.
These are some of the industries that are enjoying the benefits of facial recognition. It helps in maintaining smooth, online transactions while ensuring full security and prevent security breaches on websites.
If you are eager to know more about the different methods of facial recognition and how it can help your business to flourish, ping Klizo Solutions now. We are already working with this advanced technology and helping businesses to incorporate it into their domains.