The Future of Making Purchases without Using a Bank Account or Credit Card

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The future of making purchases without using a bank account or credit card

You go to the store and realize you don’t have your phone or credit card with you. Simply making eye contact with a camera will verify your identity and allow you to complete the purchase. Welcome to the future, where you can pay with just your face. Even while it may sound more like something out of a science fiction book or film, this is actually doable today.

The Covid-19 pandemic has greatly hastened the transition to biometric contactless payment methods, prompting the development of facial recognition payment systems.

According to a market analysis by Juniper Research, the number of customers securing payments via software-based face recognition will surpass 1.4 billion globally by 2025, up from just 671 million in 2020.

With the rise of facial recognition payments, users won’t need to worry about keeping their smartphones, bank cards, or other forms of identification on them or entering a PIN, much as they didn’t need to during the coronavirus-induced epidemic.

To What End Does This Strategy Work?

The VisionLabs LUNA POS Terminal, developed in the Netherlands, is a cutting-edge biometric payment technology that enables contactless and facial recognition-based payment.

Like unlocking a smartphone using facial recognition, this terminal reads the customer’s face in order to process the transaction. The face template is transferred to the financial institution or payment processor within milliseconds for verification. The authenticity of the customer is verified by an algorithm, which ultimately decides the outcome of the transaction.

The terminals of a facial recognition system are able to take measurements of a person’s face, such as its width or length, the distance between their eyes, the depth of their eye sockets, and the shape of their cheekbones.

It is necessary to associate each face with a financial institution before faceprint payments may be made. The terminal then uses this information as part of its authentication process. Customers can avoid using cash or UPI apps by having the money debited from their linked accounts after scanning their faces on a screen attached to the payment terminal.

To test out the face-to-face payment system, we released our initial generation of LUNA POS in 2019 without credit card functionality. Despite initial skepticism, VisionLabs’ Global Business Development Director Anton Nazarkin reported that the company had seen a conversion rate of 40 percent or higher to face-to-face payments from a wide variety of large national banks and retailers.

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Loopholes

It will take time for consumers to become accustomed to this new payment method because it is based on cutting-edge technology.

Scammers may be able to fool the facial recognition software, and there is no second layer of security. Most significantly, there are privacy issues with using faceprints for monitoring.

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Is It Safe?

Several issues have been raised about the security of payment systems that rely on facial recognition, including the possibility of scammers fooling the software, the lack of two-factor verification, and most critically, privacy concerns around the use of faceprints for surveillance.

VisionLabs, however, points out that fraud does have a cost, and that it is considerably more expensive to spoof the facial recognition system than more conventional methods of credit card theft.

There is no mechanism to verify that the individual making a contactless card payment is, in fact, the cardholder, despite the widespread notion that this is the case among some professionals in the field. Facial recognition payments, on the other hand, validate the identity of the user instantly.

Facial data is not stored and the company says it would never collect client images without permission from the terminal operator or the customer.

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