Access Bank is set to unveil a new technology solution; a face recognition payment system. The face recognition system allows the platform to identify and verify the user without he or she inputting passwords.
With the new face recognition payment system, users would enjoy a secured, seamless and convenient service when making payments at Merchant locations without cash/card.
Why this matters: Access Bank has given a quicker solution to its customers as the new system would enable faster transactions in branches. It also introduces an alternative payment/collection method for customers and merchants respectively.
In addition to the benefits already explained, the face recognition system would help the elderly or uneducated individuals who cannot cope with the complexities of internet banking, mobile app do their transactions with ease.
What you should know: Over the past three years, the three payment giants (UnionPay, WeChat and Alipay) in China launched their Facial Recognition payment system. The payment system is becoming a hot cake in china as Statistics indicates that at the end of 2018, more than 300 KFCs in over 100 cities in China had introduced brush face payment cash registers.
With the plan to unveil this service in Nigeria, Access bank is on it’s way to strengthening its position as one of the Leading Financial Institutions in Africa.
About Access Bank: Access Bank Plc is presently one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network. It is headquartered in Lagos with about six hundred branches.
The merger between Access Bank and Diamond Bank has positioned the former to be the largest bank in Africa. Access Bank Plc is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria (CBN), the national banking regulator.