Tuesday, May 21, 2024

LG unveils contactless facial-recognition payment system for shops and cafes

LG CNS, the IT arm of South Korean technology giant LG Corporation, has announced that it is testing the digital currency payment system using face recognition at one of the company’s cafeterias. A completely contactless payment system uses a kiosk equipped with artificial intelligence that lets customers pay by looking into a camera – definitely completely contactless.

According to company representatives, an AI-based payment system is much more convenient than using mobile applications or bank cards. Unlike payment methods such as cell phones or credit cards with NFC, the new payment system reduces unnecessary contact points, which reduces the risk of viral infections.

The contactless payment system combines three technologies: artificial intelligence (AI), blockchain technologies, and cloud computing. Artificial intelligence identifies customers’ faces using face recognition technology, after which the system pays for purchases without contact. Payments are accepted in digital currency, which is based on LG’s own blockchain platform – Monachain and all transactions are carried out in the cloud.

In early April, LG CNS launched an AI-powered facial recognition payment system at the entrance of the company’s Seoul center. According to the company, this system can recognize employees’ faces even under protective masks; at the same time, people who do not wear their masks may refuse entry.

It is currently testing the payment system in its own cafeteria but plans to introduce the technology in stores located nearby as well.