A South Korean fintech company is betting payment by facial recognition will go mainstream after it signed up nearly 10 per cent of the country’s population for its service.
Toss, a fintech app used by nearly two-thirds of South Korea’s 51mn people, said its FacePay service had attracted 4.8mn users since its launch in September. Face scanners have been installed in about 330,000 retail outlets, mostly cafés, restaurants and convenience stores.
The company is targeting 10mn users and 1mn retail locations by the end of this year. “We aim to eliminate physical credit cards in Korea in three years,” said Junho Choi, who leads development of FacePay at Toss.
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