The majority of transactions in society now take place digitally rather than exclusively in cash, as they did several decades ago. Most stores today have systems in place that let customers pay with cash, credit or debit cards, or mobile payment methods like Apple Pay. Debit and credit cards accounted for 60% of purchases between $10 and $100 in February, according to Fortunly. There could soon be a new method for paying for your goods in the market.
According to PayByFace, it will debut in South Africa, India, the United Arab Emirates, and the US. The Romanian business claims on its website that its ground-breaking solution makes payments simple, safe, and quicker than using conventional methods. You only need your face; you don’t need a card, cash, or smartphone.
PayByFace recently joined Mastercard’s Biometric Checkout Program, according to a recent announcement. Mihai Draghici, the CEO of the business, stated that his group seeks to facilitate a global shift toward cashless and cardless societies in an email interview with Biometric Update. The system, according to him, would employ a person’s face as a highly secure virtual card.
Retailers in the four nations where they are launching operations are prepared to integrate biometric payments into their point-of-sale (POS) systems, according to the CEO. He underlined that PayByFace will prevent fraud and lessen friction for customers making purchases.
Four immediate cross-check security touchpoints, according to Draghici, would be used in its security procedures to verify payments. He mentioned that it may take the system less than a second to approve a purchase.
The World Economic Forum (WEF) indicated in a white paper titled “Reimagining Digital Identity” that public-private collaborations were required to develop digital identity systems. It said that individuals who collaborated to develop identity credentials would help to enhance customer experiences while also enabling partner firms to develop new services based on an individual’s digital individuality.
While the concept could make sense to some, it might worry others. Governments and businesses in several nations claim that paying with a picture of one’s face is voluntary. However, some are threatening people who choose not to participate in a plan that would jeopardize their privacy and freedom of choice.