Central regions | Finance, business | Technology & innovation
Shopping by showing one’s face
17 Sep '19
Rostelecom, the national telecom operator, is introducing next month its solution for face recognition enabled payments in stores, VC.ru reported, citing knowledgeable sources. Russian Standard, a Russian bank, is partnering with Rostelecom in the effort.
Rostelecom is also the top operator for Russia’s Unified Biometric System (UBS). Domestic banks have been collecting biometric data for UBS since July 2018. The system is expected to help the Russians open accounts with banks, seek loans and transfer money on a completely remote basis. Only a handful of banks currently offer UBS-assisted services; the system has about 20,000 entries at this early stage, according to the Central Bank of Russia.
Rostelecom wants to roll out the solution to the broad national market by the end of this fall. To make use of the innovation, a user will have to tie his or her biometric sample to a banking card in the project-specific Rostelecom app or an app by a bank that will support face recognition for payments.
To buy below $15 worth of goods, showing one’s face will be enough; entering an additional check code will be required to purchase more. When making online payments, one will have to face a camera and pronounce a five-digit code. The payment technology is expected to outstrip in speed both banking cards and payments by mobile devices.