Vision AI technology company SeesAI announced on the 1st that it has signed a business partnership agreement with NICE Payments, a company specializing in electronic payment gateway (PG) services, to collaborate on AI-based facial recognition payment service business.
Through this partnership, the two companies plan to jointly commercialize "SEEU Pay 2.0," which combines Seeu AI's facial payment solution, "SEEU Pay," with NICE Payments' payment infrastructure and settlement system. Based on this partnership, Seeu AI plans to secure new affiliated customers across various industries.
According to the company, the facial recognition payment service is expected to be in demand not only in general distribution service industries such as convenience stores, franchises, large marts, resorts, leisure facilities, and restaurants, but also in industries that require identity verification such as hospitals, pharmacies, and airport duty-free shops.
"SeeU Pay" is a system that allows users to pre-register their facial information and payment method through an app, allowing them to simultaneously verify their identity and make payments at stores using a camera without any additional authentication. Its contactless design ensures hygiene and convenience, and its streamlined payment process improves the user experience.
It also features AI-based liveness detection technology to protect against fraudulent use of photos or videos. It is also highly applicable in contactless payment environments such as unmanned stores and kiosks. This technology can help merchants achieve increased operational efficiency and turnover.
Citing statistical data from the Bank of Korea, Sight AI estimates that the simple payment market size is approximately 959.4 billion won per day on average, and that facial payment services could account for approximately 10% of this.
The company plans to secure a stable revenue model through its facial recognition-based payment system and enhance its competitiveness in the digital payment market.
Nam Woon-seong, CEO of Siseon AI, said, “Based on facial payment technology optimized for contactless and unmanned environments, we will be able to provide a differentiated user experience in the offline payment market,” and added, “We will expand the market base through cooperation with NICE Payments, a leading domestic PG company.”
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