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%.