Uniqul launches facial recognition payment system

July 15, 2013 - 

Uniqul, a new company from Finland, has developed what it says is the world’s first facial recognition payment system.

According to the company, it’s system uses military-grade algorithms and has put great focus on user experience, boasting 5-second transactions. In order to use the system, users must pre-register with Uniqul, to tie their face information to a credit card.

In terms of pricing, the company has set up a monthly subscription system based on geography and proximity to Uniqul terminals in any area. Within a mile, user’s pay approximately $US1.30 and a larger radius of account coverage costs more. Worldwide coverage costs roughtly $9 per month to users.

The company’s payment solution is still in development, and will soon be deployed in the Helsinki area.

Reported previously, a separate research report published last month found that 1 in 2 people would prefer biometric payment options, far outweighing the popularity of other emerging options.

As a biometric modality, facial recognition is becoming an extremely popular choice and public adoption is growing.

According to a recent CNN/Time/Orc poll, 79% of Americans are in favor of using facial recognition at various locations and public events, and 81% support expanded camera surveillance on streets and in public places.

In fact, according to a recently-published research report, the global facial recognition market is estimated to grow from $1.92 billion in 2013 to $6.5 billion in 2018, at an impressive CAGR of 27.7%.

 

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About Adam Vrankulj

Adam Vrankulj is an editor for BiometricUpdate.com. His background consists of online news writing, editing and content marketing. Adam has written for CBCNews.ca, BlogTO and was the editor and curator for the nextMEDIA and CIX Source publications. He has a degree in journalism and is passionate about science, technology and social innovation. Contact Adam, or follow him at @adamvrankulj