If you set out to change the way Kiwis pay, what would that look like?
If Paymark has its way, it will look exactly like you.
30 years since the company developed EFTPOS in New Zealand, Paymark’s Head of Digital Payment, Darran Hooper is upbeat about the future.
“Fast forward 30 years and we've got new technologies coming through and now it's about creating the future of payments for New Zealand.
But what exactly will Paymark’s ‘future of payments’ be?
“In a future state you could be paying for goods and services using your face.”
Facial Recognition Payment is the term Paymark use to describe their ground-breaking technology. By scanning hundreds of micro points the system identifies your face, then matches it to a bank account. So, when you walk into a store, the vendor knows who you are, how you’ll pay - even what you’ve ordered in the past.
The hardware behind the technology already exists, albeit in a complicated and expensive form beyond the reach of most small vendors. But according to Michael McFadden, Paymarks Head of Payment Innovation, 5G was instrumental in taking the idea to the next stage.
“I just happened to read an article about 5G and started thinking about it and a light bulb went off in my head. I thought we could plug 5G into our system and it could do away with a lot of the hardware, and get rid of all those wires and make it easy to install and run for a merchant. So, what we're hoping to find out when we get into the Spark 5G Lab is that we can shrink the connection down to a small wireless device that's communicating up with the cloud via 5G.”
While the hardware is being further refined, Paymark is excited to be testing their ideas in New Zealand’s only live commercial 5G test environment at Spark 5G Lab.
“Working with Spark we can get access to 5G Lab. We can actually get in there in a real environment and see how 5G will enable us to build the future of New Zealand's payment infrastructure.”
Watch the full story below