Samsung will bring facial recognition to payments

Written by on March 27, 2017 in Guest Blog with 0 Comments

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Bloomberg has reported that Samsung’s new Galaxy S8 will use facial recognition to authorize payments. Citing sources familiar with the situation, Bloomberg reported late last week that Samsung’s soon to be released Galaxy S8 smartphone is to include a facial recognition functionality to authorize Samsung Pay transactions.

The addition of facial recognition technology to Samsung’s new Galaxy S8 smartphone will likely create considerable consumer buzz for the company but also address widespread concerns surrounding mobile payment security. With mobile based cyber-crime on the rise and fierce competition from Apple, HTC, LG and Huawei, Samsung’s incorporation of facial recognition technology will both assist in its fight to protect users and ensure the S8 stands out from the competition. Samsung is, however, not alone in its endeavors. Apple is also pursuing the technology and was recently awarded a patent which relates to facial recognition and the information within a smartphone’s video feed. The iPhone 8 is expected to incorporate facial recognition later this year.

If Samsung uses facial recognition technology in its new S8 smartphone, it will not the first attempt by the company to use the technology. Samsung has used it in its mobile devices to help users unlock their phones. The company has also previously attempted to enable the authorization of Samsung Pay purchases using an iris scanning functionality in Samsung’s failed Note7 device.

If reports of Samsung using facial recognition technology are accurate, it could mark the beginning of a new era in mobile payments and provide a boost for Samsung who have experienced several setbacks over the past year. Problems with the Notebook 7 catching fire and the indictment of the company’s acting head on bribery and embezzlement charges have put pressure on Samsung to reclaim its reputation.

The new Galaxy S8 is set for release on March 29th.

More on Bloomberg.

This article was first published on TheFintechBuzz.

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About the Author

About the Author: Anthony is currently a Senior Fintech Analyst at Expert Market Insight and the Director of Content at BreakingFinance, a fintech content creation firm. After spending several years tracking and analyzing technologies and investments at Israel Venture Capital, he now focuses his time conducting research and analysis on the global fintech industry to help startups, financial institutions and finance-related companies develop insightful content. Anthony’s areas of expertise include payments, trading & investing, banking, blockchain and digital currencies. He is also the lead contributor at thefintech.buzz industry blog. .

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