StageCorporate Minority | Alive
PayByFace provides a secure digital payment ecosystem for a convenient shopping experience. It offers a cardless payment merchant kiosk device directly at the store and allows users to use facial recognition to make purchases. PayByFace was founded in 2018 and is based in Bucharest, Romania.
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ESPs containing PayByFace
The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.
The biometric payments market offers a more secure and convenient way for customers to authenticate their identity and make payments. With the increasing threat of identity theft and fraud, biometric authentication provides an invulnerable solution that is resistant to social engineering, malware, and tampering. Biometric payments also offer a frictionless, touchless, and real-time user identifica…
PayByFace named as Challenger among 12 other companies, including Incode, Sardine, and PopID.
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PayByFace's Products & Differentiators
biometric face recognition payments
- frictionless & valuable check-out interactions with faster payment transactions - unique digital eWallet, using face as a highly secured virtual card - one card linked, individual family members budget allowances, instant receipts and transactions overview - remote click & collect function
Research containing PayByFace
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CB Insights Intelligence Analysts have mentioned PayByFace in 1 CB Insights research brief, most recently on Sep 21, 2022.
Expert Collections containing PayByFace
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
PayByFace is included in 4 Expert Collections, including Store tech (In-store retail tech).
Store tech (In-store retail tech)
Startups aiming to work with retailers to improve brick-and-mortar retail store operations.
Companies and startups in this collection enable consumers, businesses, and governments to pay each other - online and at the physical point-of-sale.
This collection includes startups selling AI SaaS, using AI algorithms to develop their core products, and those developing hardware to support AI workloads.
Latest PayByFace News
Jan 10, 2023
Market Growth Factors Increasing Face Swiping Payment Market Adoption In Diverse Applications The increasing use of face-scanning technology for a variety of purposes plays a crucial role in market growth. To improve the customer experience, several cities are attempting to implement Face Swiping Payment Market systems at bus and metro stations. For example, Moscow city announced the launch of Face Pay, a face-scanning payment system implemented at Mosmetro stations. Face Pay requires users to use the Mosmetro smartphone app, upload a photo, and link their bank accounts and metro cards to complete purchases effectively. Compliance With Governmental Laws And Requirements For businesses to maintain and preserve POS systems, they must conform to data privacy and protection regulations. This includes the PCI Data Security Standard (PCI DSS), which dictates the security standards for all companies that accept credit cards. Financial institutions mandate the PCI Security Standards Council, which is responsible for enforcing PCI DSS and monitoring its compliance, to supervise its execution. It is a comprehensive collection of regulations that enforce stringent data security controls and procedures on merchants and service providers who store, handle, or transfer customer credit card information. Market Restraining Factors Lack Of Staff Awareness About The Use Of PoS Systems It is vital to ensure that POS systems are only accessible to screen employees who have been granted permission to use them. If no one is using POS systems, it is not necessary to instruct everyone on how to operate them. Access to POS systems must be restricted to only those with authorization and who can be trusted. When using a mobile POS device, there are additional complications. If the gadgets are portable, employees may erroneously take them home. Concerns might emerge over the security of sensitive data stored on the devices. Type Outlook Based on the Type, the Face-swiping Payment Market is segmented into Payment Equipment and Payment System. The payment equipment segment acquired the highest revenue share in the face-swiping payment market in 2021. It is due to the reasons such as the increasing popularity of cashier-free ordering kiosks at fast-food chains such as Wendy's and McDonald's. Moreover, eateries such as the burger brand CaliBurger have installed self-ordering kiosks using facial recognition technology and machine intelligence to allow consumers to order meals, make payments, and sign up for the business's loyalty program. Application Outlook By Application, the Face-swiping Payment Market is classified into Retail, Restaurant, Travel, and Others. The travel segment registered a significant revenue share in the face-swiping payment market in 2021. The rapid rise of face-swiping payment technology and the increasing inclination for touchless payments as a result of the pandemic is among the main variables that are anticipated to fuel the segment's growth. Moreover, many steps implemented by transportation firms to promote the adoption of face-recognition payment systems are further fostering segment expansion. Regional Outlook Region-wise, the Face-swiping Payment Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment acquired the largest revenue share in the face-swiping payment market in 2021. Rising awareness of the benefits of face-swiping payment systems in nations such as India, China, and Japan is credited with the rapid spread. It is anticipated that the creative efforts of many regional enterprises to promote the usage of face-swiping payments would also contribute to regional growth. Key Market Players Ant Group (Alipay) (Alibaba Holding) NEC Corporation
PayByFace Frequently Asked Questions (FAQ)
When was PayByFace founded?
PayByFace was founded in 2018.
Where is PayByFace's headquarters?
PayByFace's headquarters is located at Bucharest.
What is PayByFace's latest funding round?
PayByFace's latest funding round is Corporate Minority.
How much did PayByFace raise?
PayByFace raised a total of $20K.
Who are the investors of PayByFace?
Investors of PayByFace include Safexpay, Visa Innovation Program and Startupbootcamp E-commerce.
Who are PayByFace's competitors?
Competitors of PayByFace include Payface and 4 more.
What products does PayByFace offer?
PayByFace's products include biometric face recognition payments and 4 more.
Who are PayByFace's customers?
Customers of PayByFace include 150 small retail stores.
Compare PayByFace to Competitors
PopID provides a trusted and secure platform that enables businesses to give their customers and employees the option of authenticating their identity through consumer-initiated facial recognition. The service is currently being used for entry into buildings and events (PopEntry) and payments (PopPay).
Payface develops facial recognition technology for touchless payment. It allows people to buy things without using a card, wallet, or cash or remembering a password. The company was founded in 2018 and is based in Florianópolis, Brazil.
BigPay is a mobile app with a card providing a simple interface for users to spend, send, receive and track money.
Travel Tao is a fintech company focusing on currency exchange and cross-border money transfer inquiries. Its product, xCurrency, provides currency exchange rate information to users from more than 160 countries and regions for over 210 legal tenders, over 100 cryptocurrencies and precious metal. The company helps overseas Chinese to send money back to China. Students' overseas tuition and insurance fee payments can be made easier through its platform.
Ant Group (SGX: 5VJ) is a technology company that offers financial services, serving small and micro enterprises and consumers. It is dedicated to building an open ecosystem of technologies while working with other financial institutions to support the future financial needs of society. The company's products include Alipay, a payment and lifestyle platform, Ant Fortune, a comprehensive wealth management app, and Zhima Credit, an independent, private, alternative credit service. It was founded in 2011 and is based in Hangzhou, China.
FaceTec develops 3D Face Authentication software. FaceTec’s patented 3D Face Authentication software anchors digital identity with 3D FaceMaps. By creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams, trusted remote identity verification is finally possible.
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