International telecommunication services provider Telia is working with OP Bank to show how high-speed 5G networks and face recognition payments can enhance merchant operations. Specifically, for the project, the partners are helping merchants without a fixed line connection, and making it possible for customers to check out with just their face and pre-saved credit card details.
A test of the technology was carried out at a car park in Vallila, where customers with a Pivo mobile wallet could use a tablet-based face recognition system to pay for ice cream from a van. Powered by 5G technology, the system quickly recognizes the biometric template supplied by a Pivo user and rapidly verifies the transaction.
As well as helping to speed up business, 5G is anticipated to increase the security of mobile connections.
What's Driving This Trend
- 5G and Face Recognition Payments
- Utilizing high-speed 5G networks and facial recognition technology to improve merchant operations and increase security.
- Mobile Wallets
- Allowing customers to make payments with pre-saved credit card details.
- Tablet-based Transactions
- Utilizing tablets and mobile devices to allow for quick and easy transactions.
Who This Affects Most
- Telecommunications
- Developing high-speed 5G networks to enable faster and more secure payment transactions.
- Banking and Finance
- Partnering with merchants to provide customers with secure payment options through mobile wallets.
- Retail
- Exploring new payment technologies to improve customer experience and increase efficiency of transactions.
