DNA Explainer: How your face could replace your bank card as a payment option

Welcome to the 21st-century futuristic world of facial recognition payment where you just need to look at a camera, authenticate your identity and then make the transaction. While the COVID-19 pandemic has already encouraged biometric contactless payment methods, this method of payment is one step ahead.

Though it may sound like sci-fi fiction, it is something that is already a reality. Because of this hi-tech mode of payment, you will not require to carry a smartphone, bank card or any form of identification, or even have to enter a pin number to make a payment.

So, instead of paying via cash or through UPI apps, consumers just have to look at their reflection in a small LCD screen attached to the cashier's counter and have the money automatically deducted from their linked accounts. 
The entire process takes less than five seconds and is entirely contactless.

How does it work?

The user taps 'Pay with Face Recognition' on the screen of the device which scans the face and recognizes the user.

The user then taps 'Confirm Payment' and the payment is done automatically through this mode.

This mode of payment scans the customer's face, similar to using facial recognition to unlock a smartphone.

Milliseconds later, the face template is sent to the payment service provider or bank for identification.

An algorithm then identifies whether the customer is real or fake, leading to determining transaction success or failure.

A facial recognition system has endpoints that are able to measure certain variables of a person's face.

This includes the width or length of the nose, space between eyes and depth of eye sockets and also the contour of the cheekbones.

Using this data a faceprint is created. To make payments using faceprints, every face has to be linked to their bank accounts.

This data is then matched by the payment terminal for authentication purposes.

The loopholes

Since this mode of payment is a new technology people will need time to understand how it works practically.

The facial recognition software may be tricked by scammers and also there is a lack of two-step authentication.

And most importantly there are also privacy concerns related to the use of faceprints for surveillance purposes.

How safe is the payment mode?

VisionLabs, the Netherlands-based company says that it is too expensive to spoof the face recognition system.

The company says that in comparison to well-known credit card fraud methods, this will cost the fraudsters more.

In contactless card payments, there is no way to make sure that the person presenting a card is the actual cardholder.

On the contrary, with facial recognition payments, the actual identity of the payer is confirmed in real-time.

The exact measurements and features of your face are actually more secure than your account passwords, say experts.