The way your customers and clients pay may radically change vry soon.
FinTech or financial technology has dramatically changed how businesses carry out transactions. The announcement of FacePay by UnionPay at the recently held Singapore FinTech Festival is the latest example in the development of this technology.
With FacePay, customer’s face essentially becomes the credit card, signature, and identification — all in one.
For small business owners who accept a lot of payments, the elimination of each step in the approval process is a welcomed one. It not only makes the business more efficient. It also introduces an added layer of safety because there is less cash on premises.
In a press release announcing the new service, Shuan Ghaidan, Director of Products for UnionPay International, said the goal for the company is, “To connect consumers, businesses, and financial institutions with cost-effective and secure payment technologies that will define the world of payments.”
Paying with Your Face What Will Customers Think?
According to UnionPay, the technology is designed to work with attended and unattended sales. Using face recognition technology, customers can pay for their purchase in a whole new way, the company claims.
This is achieved by connecting the facial identity of the customer with his or her payment accounts. When a business integrates FacePay as part of their POS system, the customer can use their face to make a purchase.
UnionPay says the system has great potential for unattended transactions, including vending machines, automated services and more.
So how accurate is FacePay? According to the company, it has an accuracy rate of 99.5 percent. The technology is currently undergoing pilot testing, and UnionPay says it is expected to launch in the near future in Asia.
Other FinTech by UnionPay
In addition to FacePay, UnionPay also announced three different technologies. Sound Code encodes data into ultrasonic sound waves for interactive payments. Virtual Reality gives businesses the ability to visualize in-store layouts before they implement new payment systems. And a new enhanced Risk Management System manages the risk of card fraud by evaluating the creditworthiness of customers in real-time.
Lookout for New Technologies
As a small business, you should always be on the lookout for new technologies. Even if you don’t purchase and deploy the technology immediately, it lets you know what is available in the marketplace and where it is heading. And as the adoption rate grows by both consumers and businesses, you will be ready to make it part of your company.