Card swiping, QR code is no longer needed for money transactions instead..
New Delhi, July 20: You don’t need pin number, card swiping, QR code scanning, fingerprint to transfer money online anymore. Instead, money transactions can be done through facial recognition.
Yes, Paytm is offering online transactions through facial recognition to transfer money. Soon you can make payments for your purchases with your smiling face without card swiping or QR code scanning. Paytm, which pioneered Quick Response (QR) code payments in India, is working on new technology to enable payments through facial recognition, company founder Vijay Shekhar Sharma informed.
I would like to share the fact that no swiping, card punching, phone QR scanning is required during check-in. From now on online payments are bringing simple mode of placing the product and getting the invoice, making the payment,” said Sharma.
The new payment system enables payments with facial recognition technology. The company has already started working on the new technology. But he said that no more details about the new invention can be given at the moment.
PayTm was the first company to introduce QR codes in India. Yet it was in use elsewhere. The success of its QR code-based payment system led many, including Google, Meta and PhonePe, to make it the centerpiece of their payment systems.
The next possibility in the payment system is that it will be powered by artificial intelligence (AI). This AGI is what I call Advanced General Intelligence. He said that computing is an era that combines information and capabilities beyond the human mind.
The impact of AI on business I think this will be the biggest converging technology wave I will see in my lifetime. The company, which has been under pressure from shareholders to improve its balance sheet since its disastrous listing on stock exchanges in November 2021, said the profit was not a milestone.
