Contxto – Brazilian fintech Payface’s recent investment for R$3 million (US$572,000) bodes a promising trend in contactless payments. Investors included tech company BRQ Digital Solutions as well as Alvarez & Marsal’s Next A&M fund.
The facial recognition startup will use the funds to expand its operations and will likely connect with more retailers that want it for completing contactless transactions. Payface plans to hire more staff.
Payface lets you pay with your face
This fintech from Florianópolis is playing with some serious biometric tech.
Rather than having shoppers pop out a credit or debit card, they just download its app or the vendor’s and sign up. Then, when they go to the store to buy something they just show their face to a mobile device set up at a cash register to complete their payment. There is no need for them to pull out their cell phone.
Slightly creepy, but it does reduce person-to-person contact as well as cut down lines at the store.
Meanwhile, vendors benefit by gathering more information on their customers and retaining them through data-driven, customer-centric strategies.
Interestingly, the startup has also tweaked its tech to apply facial recognition even if a person is wearing a face mask.
Why it’s a big deal: All of this might sound rather novel and unusual. However, in other countries, like China, facial recognition payment systems are becoming commonplace. Correspondingly, it will be interesting to observe the role this type of tech plays in Latin America courtesy of Covid-19.
Because at the end of the day, it’s normal for a person to forget their wallet when they head out. But unless they’re Slender Man… They’ll always have a face.
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