Finnish Startup Launches Face Payments

Talk to the hand, because the face is busy making payments in Finland.

Finnish startup, Uniqul, is offering consumers the option to pay with their faces through a new biometric payment system. The technology will speed up the in-store payment process, decreasing average transaction times from 30 seconds to just five seconds, Finextra reported. The firm said the program is still in its preliminary stages, and that it has not yet achieved a 100-percent recognition rate.

When Finnish customers are ready to make a payment, a camera at the checkout will identify them by scanning their face. Customers who have previously linked bankcard details to their Uniqul account will then be authorized to make a payment. Finally, they confirm the transaction by pressing the “OK” button on a tablet device.

The technology has yet to be perfected, and currently has a 96 percent recognition rate. This development gap indicates that 4 percent of shoppers would still be asked to enter PIN info during payment transactions. Uniqul told Finextra the team is aiming to reach a 99.6 percent success rate by this autumn.

Merchants and institutions that adopt the face-scanning technology will be charged a monthly fee, which will differ depending on where the device is used. For example, merchants who wish to use the system within a one to two kilometer radius can do so for EUR1.99 a month. Merchants looking to use the device across citywide locations will pay EUR6.99 per month.

Uniqul reported it was the first in the global market to introduce a face-scanning payments technology, but a 2012 Finextra article dispels this claim. The Dutch-based firm, Adyen, launched a face-ID application in spring 2012 that allowed customers to make payments by face recognition. 

Last week, the French reported making payments with their finger, and this week Finish consumers are paying with their face. What’s next, Europe?

To read the full story at Finextra click here.