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New VisionLabs POS terminal provides both face biometric and card payments

Biometric payments market forecast to grow by $30B in next 5 years
New VisionLabs POS terminal provides both face biometric and card payments
 

A new payment terminal from VisionLabs will be the first on the market to provide point-of-sale payments either through traditional credit card transactions or contactless face biometrics. The device is making its debut at Money20/20 on October 24, 2021.

The LUNA POS terminal provides facial authentication, and is certified by Visa PayWave, Mastercard Contactless and other payment systems. The complete hardware and software solution will be offered to merchants and banks to provide easy and secure contactless payments, according to a company announcement. NFC, RFID, chip and magnetic stripe card transactions are supported as alternatives to facial authentication.

The terminal does not store facial images or biometric templates, and does not capture faces without user consent, VisionLabs says in the announcement.

“We introduced our first generation of LUNA POS with no credit card support in 2019 to simply try out the face-based payment process,” comments VisionLabs Global Business Development Director Anton Nazarkin. “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.

“With the LUNA POS, we pushed ourselves to the limit in designing a unit that not only meets our strict requirements as a best-in-class facial recognition solutions vendor but also implements the highest security standards that exist in the payments industry.”

The Luna POS is backed by nine patent filings, six of them for design and three utility patents, and VisionLabs says it is vendor-agnostic and portable. The company recommends it for restaurants, banks, delivery couriers, gas stations, sports venues, airport lounges and more.

Biometric payments forecast to surpass $63B in 5 years

Biometric payments are forecast by Facts & Factors Research to grow at a 9.9 percent compound annual growth rate to $63.4 billion by 2026, nearly double their $32.4 billion value in 2020.

The report breaks down the market by technology and biometric modality, contact and contactless implementations, deployment mode, and region.

The overall global facial recognition market, meanwhile, is expected to reach $8.5 billion in 2025.

VisionLabs has signed up customers for biometric payments in supermarkets and mass transit, and its facial recognition software is used in more than 60 countries.

A company representative told Biometric Update in an email that VisionLabs has booked revenues of $20 million, and the company is expecting to increase its head-count by 20 percent and open an office in Latin America in 2022.

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