Veritran unveils new way digital payment service via facial recognition
By Pavithra R
Veritran, a global company that simplifies building digital solutions through its Low-Code platform, has launched a new digital payment service via facial recognition.
The product is part of the Digital Payments Solutions package and was developed for banks and fintechs that seek to revolutionize the buying and selling experiences of consumers and companies. It leverages 3D biometric technology to authenticate the identity of the consumer, who, through a facial scan, will be able to purchase goods and services without the need to use cards, cash or mobile devices. The service can be used by any type of point of sale and can be easily integrated into pre-existing digital wallets, allowing merchants to access a new form of fast and secure debit payment.
“The launch of Pix and the imminent arrival of Open Finance have broken huge barriers in the payments system. In addition to the natural challenges of financial inclusion and the demand for contactless solutions, there is a renewed need to provide resilient systems for eventualities. Our payment solution with facial biometrics, which will benefit both users and companies, facilitating an easy, fast and friction-free experience”, says Wagner Martin, Director of Business Development at Veritran Brazil.
Veritran’s new digital payment service consists of an end-to-end solution that includes the functionalities of biometric registration (app for registering end consumers), biometric billing (app for commerce) and technology back office (for banking institutions).
To access, consumers must first register for the solution through their bank’s application, associating their personal data and facial biometrics to their account. On the part of retailers, they will be able to register the service through the banks that offer it and easily integrate it with their digital payment options.
“The pandemic has remarkably accelerated the adoption of digital solutions, causing changes in user behavior that would take years to happen in months. Consumers are increasingly adopting new forms of digital payment and are constantly seeking innovative solutions that compel the financial market transforming digitally to respond quickly to your demands and with a high user experience. This is where our new solution comes in. At Veritran, we believe that there is enormous potential in the Brazilian market for payments to be made by face recognition, without physical elements, and linked to innovative methods such as Pix or traditional methods such as debit to account”, concludes Martin
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