Paymark is one of New Zealand’s leading fintechs. They've been at the forefront of electronic payment technology for decades, pioneering NZ’s EFTPOS system in the 1980s.
They're now developing next generation cloud-based payments and their latest innovations include a new facial recognition payment system. Paymark is collaborating with Spark and have the opportunity to test their new technology in the 5G test network in the Spark 5G Lab.
Paymark believes the advantages of 5G include deploying their software at faster speeds (payments need near-zero latency) while allowing them to move costly infrastructure into the cloud. This will shrink the hardware required to run innovative payment technologies like facial recognition. It will also reduce the cost to deploy this technology across small and large retailers alike.