Facial recognition technology used in the payment system

Abstract

This paper show if the facial recognition technology is ready to be used as an alternative to the existing payment methods used by individuals. The retina scan technology and iris scan technology are also presented as alternatives to the facial recognition technology in order to determine if any of the methods is more suitable to be used and to determine how should the next generation payment method look and what are the key factors that need to be taken into account before developing such a technology. The advantages and disadvantages of all technologies are discussed with pros and cons with a group of 220 participants. The case study includes all 220 participants to take part to an online interview followed by a 14 questions survey based on the discussions related to the presented technologies. JEL: E71, EF15, F65,O11.