Yemisi Izuora
Access Bank is about to unveil a new technology payment solution tagged FacePay that leverages on facial recognition and Artificial Intelligence, AI.
The new payments system uses a combination of facial recognition and artificial intelligence.
‘‘FacePay enables more convenient payments in merchant locations and faster (withdrawals and transfers) in Access Bank branches,” the bank disclosed.
Access Bank says its technology will provide fast, seamless and convenient payments at merchant locations without using a card.
The bank also said that the biometric payment system can help ease payments for individuals who are not comfortable with internet banking; or mobile apps, such as the elderly or under-educated.
The face recognition payment system allows the platform to identify and verify the user; without the individual having to input passwords. Specifically, the technology works by matching unique facial dimensions of the customer against the BVN image to authenticate users.
Oriental News Nigeria, reports that the FacePay platform enables a quicker and convenient way of carrying out transactions; especially as an alternative to cash, cards or mobile phones.
For merchant payments, FacePay will be able the merchant to receive funds from paying customers; with an instant settlement of that fund into the Merchant’s account. While for Access Branches, FacePay covers Intra-transfers, Inter-transfers, and cash withdrawals at the branch.
