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Access Bank to launch a facial recognition payment system in Nigeria

Tuesday 3 March 2020 13:23 CET | News

Nigeria-based Access Bank has announced it is set to unveil a new technology payment solution tagged FacePay that leverages on facial recognition and AI.

 

The face recognition payment system allows the platform to identify and verify the user without he or she inputting passwords. The recognition system matches the unique facial dimensions of the customer against the BVN image to authenticate the customer. 


With the new FacePay platform which embodies facial authentication solutions for making payments transactions, it enables a quicker and convenient way of carrying out transactions especially for consumers as it is an alternative to cash, cards or mobile phones. The new facial platform also enables more convenient payments in merchant locations and faster (withdrawals and transfers) in Access Bank branches. 


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.

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Keywords: Acces Bank, Nigeria, FacePay, facial recognition, mobile payments, online payments, digital payments, payments, BVN image, payment system, Africa
Categories: Payments & Commerce | Mobile Payments
Countries: Nigeria
This article is part of category

Payments & Commerce






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