Finnish company Uniqul has developed the world's first payment system which recognises customers' faces and helps them pay without having a wallet, credit card or mobile phone.
The company is getting ready for deployment of the system in Helsinki, news website goodnewsfinland.com reported. It said its patent pending technology allows reducing time spent on transactions close to zero seconds.
Customers using the system need only click "OK" on the company's tablet when shopping or paying for products.
In the background, biometrical data is processed to find the customers' account in the company's database. Uniqul said it was using "military grade algorithms" to make sure that the security of its system was "impeccable". The system requires customers to pay a monthly subscription fee.
In the previous financial year, more than 70 lakh no-frill accounts have been opened. The government has asked banks to focus on areas where the penetration of banking net is low.