Finnish company Uniqul has developed a facial recognition payment system that it claims is the first in the world.
The system uses military-grade algorithms to identify and process a customer’s biometrical data as they approach the checkout.
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By GlobalDataTransactions are carried out using a credit card linked to the customers Uniqul account. Customers then confirm the payment by pressing an ‘Ok’ button on a tablet.
Uniqul claims the system will reduce the transaction time in stores from the average of 30 seconds to less than five seconds.
A monthly subscription fee has been set up that will vary depending on where customers want to use the system. Users will have to pay 0.99 ($1.30) to use the system at retailers within a 1-2km radius, 1.99 ($2.60) to use in a city, 2.99 ($4) to use in nearby suburbs and a city, and 6.99 ($9) to use worldwide.
Uniqul are currently finalising the product with plans to deploy it first in Helsinki.
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