Thanks to innovative shop formats like increasingly popular unstaffed convenience stores, innovative new systems are being developed to streamline the payment process and identify shoppers—including Shinhan Face Pay from Korea’s Shinhan Card. This facial recognition payment system is being developed with CU convenience stores operator BGF Retail and is designed to simplify the act of paying for various goods.
Currently, Shinhan Face Pay is being trialed at CU's company headquarters, where employees are able to register their credit card information and supply a photo of their face to be verified by the kiosks. With this information and their image loaded, employees are able to make purchases without needing a physical card or a mobile device.
After this trial period, Shinhan Card is planning to implement the system at universities and CU convenience stores.
What's Driving This Trend
- Facial Recognition Payments
- Innovative payment systems using facial recognition technology are being developed to streamline the payment process and identify shoppers.
- Unstaffed Convenience Stores
- The increasing popularity of unstaffed convenience stores is driving the development of new payment systems and shopping experiences.
- Mobile Payment Alternatives
- As facial recognition payments grow in popularity, there will be opportunities for disruption of existing mobile payment systems.
Who This Affects Most
- Retail
- Retail companies can benefit from implementing facial recognition payment systems to streamline the shopping experience.
- Financial Services
- Facial recognition payments provide opportunities for innovation in the financial services industry, particularly in the mobile payment space.
- Technology
- The development of facial recognition payment systems represents a major opportunity for disruption in the technology industry.
