Romanian biometric firm PayByFace has deployed its face recognition-powered payment solutions in South Africa, India, UAE, and the U.S.
The company’s CEO Mihai Draghici made the announcement in a LinkedIn post this summer and subsequently discussed the news with Biometric Update in an email interview.
“As a pioneer EU fintech start-up committed to enabling global movement towards a cashless and cardless society, using face as a highly secured virtual card, we have to go outside the EU to understand the global shoppers,” Draghici says.
According to the CEO, India, UAE, the U.S., and South Africa are dynamic markets, where retailers started to incorporate biometric payments into their point-of-sale (POS) processes to reduce friction in check-out transactions, eliminate fraud, and capitalize on operational efficiencies.
“As PayByFace, we must not only be present in these markets but lead the process with best practices and learn so as to better scale this unique solution worldwide,” Draghici explains.
Further, the CEO says that, besides simplifying payments and adding value to loyalty programs, PayByFace strives to reach superior levels of transaction security and reliability from a shopper-centric perspective.
“We offer four instant cross-check security touchpoints for validating a payment, much above the traditional means of payments we are used to; while its GDPR-compliant, the ultra-scalable on-demand decentralized architecture allows authentication in less than 1 second,” Draghici explains.
“Enhancing our understanding of how to engage core adopters across global markets will facilitate biometrics acceptance at scale,” the executive adds.
The PayByFace expansion comes months after the company was named as a participant in Mastercard’s Biometric Checkout Program, which followed a strategic investment from Indian fintech SafexPay in June.
More 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.