AMSTERDAM: Netherlands-based biometric company VisionLabs has unveiled a payment device that allows consumers to pay for goods with just a look.
The Luna POS device is the “first payment terminal that supports both traditional payment methods while also facilitating transaction authorisation via biometric facial recognition”, the company said.
The technology has six designs and three utility patents and runs on VisionLabs’ Luna SDK platform, a face-recognition engine that enables the efficient and accurate processing of faces in images and live video streams. It can run on a wide range of devices.
“We introduced our first-generation Luna POS with no credit card support in 2019 to simply try out the face-based payment process,” said Anton Nazarkin, global business development director at VisionLabs.
“It quickly turned out that the adoption rate of this technology exceeded our expectations. We have recorded a conversion rate upwards of 40 percent to face payments among different types of major national banks and retailers,” said Nazarkin.
The global market for biometric payments has been steadily growing, thanks to the advent of devices that are more accessible to users and more merchants adopting the technology. The global biometric payment market is estimated to grow to $63.4 billion by 2026, up from $32.4bn in 2020, according to a study by research company Facts & Figures.
Technology companies such as Apple and Samsung have already been using facial recognition systems to process payments through their Apple Pay and Samsung Pay platforms on their devices, most notably on their flagship iPhone and Galaxy smartphones.