Three of South Korea’s largest convenience store chains have all agreed to adopt a new face biometrics payments system that lets shoppers make payments in stores without either their bank card or their mobile phone, according to NFC World.
The new Face Pay service has been introduced by local mobile financial services provider Toss and is currently being tested by employees at selected CU and GS25 convenience stores ahead of a public launch in March. 7-Eleven will then also go live with the service during the second quarter of 2025.
“Toss Face Pay is characterised by high accuracy and fast speed. Face authentication is completed in one second with 99.99% accuracy. In addition, it is easy to use as payment is processed by the selected method among credit card, check card and account after registering the face only once on the Toss app.
“It also has an advanced security system. All data related to Face Pay is encrypted and safely managed on a separate server. During the facial recognition stage, fake faces such as photos or videos are also filtered out.” – the company said in a press release.
Additional convenience stores, along with cinemas and cafes are then set to roll out the service.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
