Cashless payments: A “touchless” race

This boom also partly reflects the race for market share of the Bank, payment platforms are becoming more and more intense. Instead of going it alone, banks are promoting handshakes with other banks retail chain to be able to go faster.

As noted at a retail store, customers don’t need cash, no cards, no phones to scan QR codes, no contact, just a few seconds before the face recognition machine has completed the payment and the money is deducted directly. from the linked bank account.

With the fee payable to technology solution providers and payment banks is approximately the same as other forms (about 1.2%), but the strength of payment via FacePay facial recognition is that money will be directly paid to customers. into the chain’s account without the delay like other cashless payments.

Paying via FacePay facial recognition at a retail store.

There have been a few banks that have conducted tests and one has officially implemented FacePay. The number of points accepting payments using FacePay facial recognition is now more than 100 points.

Towards transactions according to the criteria of speed, relatively small amount and large transaction volume… the bank’s handshake with large-scale retail chains, technology solution providers, to accelerate the spread of the image FacePay payment method is an inevitable trend.

Currently, there are about 10 countries in the world that have deployed FacePay and Vietnam is the first in Southeast Asia.

It is expected that this year, at least 6 banks will deploy this form of payment, with customers accounting for about 60-70% of the entire market.

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