Wirecard has unveiled a retail point of sale technology that uses facial recognition software for a seamless payment experience.
Wirecard’s solution, the “IoT shelf,” is a connected, in-store product showcase. First, a customer registers with the retailer and provides payment and biometric information. Then, the customer approaches the shelf, goes through a brief identification process, selects a product and places it into a bag. The shelf automatically registers the product and displays the transaction on a screen for the customer to see. The system then automatically charges the customer, without having to use a card or device. The process is completely automated.
“The rapid pace of technological progress in the field of IoT reveals that the coming years will bring huge digital transformation to the retail world,” explained Jörn Leogrande, Executive Vice President of Wirecard Labs. “At Wirecard, our intention is to actively shape the future of retail by constantly developing innovative financial technologies. In our vision, biometric payment concepts will play a central role in the retail of tomorrow.
According to Wirecard, the IoT solution — which is not yet available for purchase — can be used in many different retail sectors.
For outdoor retailers, this announcement should be a reminder to start exploring biometric payment options. In one study, almost 70 percent of consumers said they are willing to use fingerprint biometrics to shop. Almost a quarter of customers said they are comfortable paying for products using facial recognition, while 33 percent are willing to use iris recognition. Eighteen percent would pay using their voice.