Seoul, South Korea - NaverPay showcased its facial recognition payment system at Korea Fintech Week 2023. The company showcased its AI-based facial recognition payment system, CLOVA FaceSign.
Why it matters:
Using the system for secure access and financial transactions represents a step forward in applying AI and facial recognition technologies in the financial industry.
The Key Points
With 82 booths and the participation of 107 companies and organizations, the event's theme was "The New Wave of Fintech."
The CLOVA FaceSign system, developed with a deep learning model, operates in Naver's "1784" building for various functions such as entry, system login, and payment.
- CLOVA FaceSign: Features a recognition speed of 0.1 seconds and an accuracy rate of over 99%, even with facial coverings.
- Practical use: Visitors to the NaverPay booth tested the system's real-world application and confirmed its robustness by demonstrating that it could not recognize mobile photos.
- Partnership: NaverPay and Hana Bank's joint financial product, 'NaverPay Money Hana Passbook,' offers up to 4% annual interest and up to 3% points per payment.
- Regulatory recognition: Kim So-young, vice chairman of the Financial Services Commission, visited the NaverPay booth, an event that may indicate regulatory interest in the technology.
The Big Picture
The visit of Kim So-young, vice chairman of the Financial Services Commission, to the NaverPay booth may indicate some regulatory interest in the broader use of AI-based facial recognition systems in the financial sector.
NaverPay's participation in Korea Fintech Week and the unveiling of CLOVA FaceSign illustrate the ongoing integration of technology into the financial sector, particularly in South Korea.