South Korean Fintech Company Seeks to Replace Physical Credit Cards with Facial Payments

The company reported that the number of users paying with their faces at retail stores and restaurants has grown rapidly. Merchants have installed the necessary cameras and software at checkout counters in major cities. Customers complete transactions by looking at a camera for a few seconds after linking their faces to payment accounts.

The initiative reflects broader adoption of biometric payments in South Korea. The company stated it wants to eliminate physical credit cards entirely by the end of the three-year period. It has not detailed exact steps for the transition or how it will handle users who prefer traditional cards.

Seoul and other urban areas have begun accepting facial payments at scale. Users register their facial data through a mobile application linked to their bank or card accounts. The system then authenticates purchases without requiring a phone, card or signature.

The company has positioned the technology as a faster and more convenient alternative to existing contactless payments. It reported that transaction speeds improved at participating locations. Security features include liveness detection to prevent spoofing with photos or masks.

The fintech company said it would work with banks, retailers and regulators to expand infrastructure. It aims to have facial payment options available at most retail locations by the target date. The effort requires updates to payment networks and consumer education campaigns.

No timeline was provided for when physical cards would stop being issued or supported. The company has not disclosed current user numbers or merchant participation rates. South Korea has previously led in adoption of contactless and mobile payment technologies.