Uniqul Launches Facial Recognition Payment System
Finland-based Uniqul is developing a new payment system based on facial-recognition technology. To use the system, which the company says will be the first of its kind in the world when it is deployed in the Helsinki area in the near future, users must first pre-register with Uniqul so that information about their faces is tied to a particular credit card. Uniqul says the system is based on algorithms similar to those used in the military and can complete transactions in five seconds. Users will be required to pay a fee based on their distance from the Uniqul terminals they want to use. Users will pay $1.30 to access Uniqul terminals within one mile radius of a particular area, while a $9 fee will allow them to use Uniqul terminals worldwide. The development of the facial recognition payment system comes as many consumers are interested in using biometrics to make payments. A recent research report found that half of the people surveyed would prefer biometric payment options to other types of new payment technologies that are being introduced.
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Biometric Update (07/15/2013) Vrankulj, Adam