Romanian biometrics company PayByFace has rolled out its facial recognition-based payment solutions in South Africa, India, the United Arab Emirates and the United States
Company CEO Mihai Draghici made the announcement in a LinkedIn post this summer and later discussed the news with Biometric update in an email interview.
“As a pioneering fintech start-up in the EU committed to enabling a global movement towards a cashless and cardless society, using the face as a highly secure virtual card, we need to go outside the EU to understand the buyers worldwide,” says Draghici.
According to the CEO, India, the United Arab Emirates, the United States and South Africa are dynamic markets, where retailers have started to integrate biometric payments into their point-of-sale (POS) processes to reduce friction in payment transactions, eliminate fraud and capitalize on operational efficiency.
“As PayByFace, we must not only be present in these markets, but lead the process with best practices and learn in order to better scale this unique solution in the world”, explains Draghici.
Furthermore, the CEO states that in addition to simplifying payments and adding value to loyalty programs, PayByFace strives to achieve higher levels of transaction security and reliability from a customer-centric perspective. Buyer.
“We offer four instant cross-check security touchpoints to validate a payment, well beyond the traditional payment methods we are used to; while its GDPR compliance, the ultra-scalable decentralized on-demand architecture enables sub-second authentication,” says Draghici.
“Improving our understanding of how to engage key users in global markets will facilitate the acceptance of large-scale biometrics,” adds the leader.
PayByFace’s expansion comes months after the company was named as a participant in Mastercard’s biometric payment program, which followed a strategic investment from Indian fintech SafexPay in June.
Most recently, the company sponsored a music event that took place in South Africa in September called “PayByFace Africa MixFest” to celebrate the launch of the company’s solutions in the country.
biometric authentication | biometrics | contactless | facial recognition | India | PayByFace | payments | POS | retail biometrics | South Africa | WATER | United States