All indicates that the future that most of us tried to visualize and thought was far away has already started. Even in the best-case scenarios, who would have thought we could pay a lunch with our own face?
Bringing faster, safer and more dynamic proposals, technology reinvents itself with each passing day, in order to bring to its end user an innovative experience.
This applies to everyday actions such as access to limited places, the security of websites and applications, and even the financial market.
In this sense, the future already wears the clothes of the present and is in full swing, already being possible to develop applications to make the payment with facial recognition.
The future already started
The practice of payment using facial recognition is already a reality in some countries.
In the UK, nine schools started making payments in canteens through facial recognition, in order to reduce children's contact during the pandemic period. The intention is to prevent the spreading of the virus and also speed up the time of the buying process, reveals the Financial Times newspaper.
Behind these reasons are also security and privacy issues, as stated by the installer of the CRB Cunningham system, the solution used by the school, and the schools themselves. The company also comments that its hardware checks encrypted facial print models and does not do live facial recognition.
Concerned about PIN fraud, schools that already used fingerprint readers started using facial recognition.
It works basically like this: the student chooses the meal they want, stands in front of the camera and it’s done, the request is made through facial recognition and the process is streamlined.
A study by Juniper Research revealed that by 2025 biometric technology can protect more than $3 trillion in mobile payments, reinforcing that biometrics proves to be a major ally in this progress.
Payment with facial recognition in Brazil
In 2017, VISA conducted a research in partnership with AYTM Market Research interviewing more than 10,000 people from many places around the world, including Brazil, to analyze consumers' perception of authentication and payment with facial recognition, to confirm people's interest in this new tool.
Making a practical summary of the study, it was possible to notice that 9 out of 10 interviewees were already familiar with the biometrics feature. In addition to 85% of these consumers also considering biometrics faster and 89% considering it easier than conventional passwords.
Besides that, it can be highlighted that:
- About 48% recognize that biometrics are safer than passwords.
- 46% believe that through biometrics it is possible to nullify the need to remember several passwords.
- VISA points out that 6 out of 10 people already use biometrics.
- In addition, 98% of consumers are interested in making use of one or more biometric resources, including making payments via facial recognition.
- Regarding the use of biometrics for payments, the data reveal that the interest in making payments with fingerprints is 63%, followed by 42% of eye recognition and 41% considering making payments with facial recognition.
What changed after the pandemic?
Everything has changed from 2020 onwards, from our habits to the notion of user safety, increasing people's optimistic perception of payment with facial recognition and also other biometric mechanisms.
What proves this is a 2021 survey made by Mastercard. The survey reveals that 93% of respondents are already considering the use of contactless payments, by QR CODE, and also payments via facial recognition and other types of biometrics.
In addition, about 68% show enthusiasm to buy from companies that offer this type of modern payment.
About 84% of customers say they want freedom to do their shopping however they want, without having to worry about carrying their wallet, for example.
As seen, the acceleration of the application of this technology starts from the pandemic and the restrictions it has brought, even changing people's behavior towards physical money and its hygienic issues, causing them to look at other forms of payment.
In a study conducted by ISVWorld, it was shown that to avoid physical contact, 59% of customers are willing to pay extra fees to use biometric payment solutions.
But how does payment with biometrics work?
No more cards and cash. Through biometrics anyone can pay a purchase using their own physical characteristics.
With the evolution of technology, the types of biometric recognition have increased, as well as their possibilities to meet specific demands.
Other examples of biometric recognition are:
- facial recognition.
- voice recognition.
- fingerprint reading (biometrics and multi biometrics).
- retinal recognition.
- iris recognition.
Each biometric tool chosen has a different type of mechanism, so the customer must combine one or two types of biometric recognition to their banking transactions, according to the possibilities of their business.
To receive payments made with this combination of biometrics, simply use the same device or application. From there, the payment with biometrics is made and the purchase amount is transferred to the company, according to the deadline and the method of receipt.
The advantages of the feature
The benefits of payments made by biometrics are numerous, as seen in the course of this text. However, we can highlight the main ones:
- Increases security, since the main material used is the body itself, setting aside the presence of cards, paper money and checks, giving more authenticity to the purchase and leaving the transaction with a single and non-transferable payment tool.
- Optimizes time, since transactions are made faster, because it does not require the use of bank documents or the typing of passwords. As such, it is possible to decrease queues, serve more customers and add a more modern and secure image to the business.
Forget passwords, the future is passwordless.
- It can increase billing by reducing costs, as it offers one more option for the customer and also includes buyers who did not intend to make the purchase (by not bringing any kind of financial document) but can decide to buy at the moment and use the biometrics feature.
If the business needs more agility and security, with the confidence of easy implementation and quality of access, it means the time has come to modernize the means of payment.
It is possible to develop biometric payment applications through BioPass ID! The Face SDK package is an excellent choice to tailor this service to your business needs.
