Stripe and NEC Collaborate to Introduce Facial Recognition Payment Services

Stripe and NEC's Innovative Payment Solution

In a groundbreaking collaboration, Stripe, a leader in financial technology based in San Francisco and Dublin, has teamed up with NEC Corporation, a major player in biometric and IT services, to introduce a cutting-edge facial recognition payment system. This system integrates Stripe's unified commerce solution, Stripe Terminal, with NEC's renowned facial recognition technology, known for its high accuracy.

A New Era for Payment Processing

Stripe's unified commerce solution, Stripe Terminal, is designed to provide a seamless shopping experience by integrating in-store and online payments. By leveraging Stripe’s extensive payment processing capabilities along with NEC's top-tier facial recognition technology, this collaboration aims to enhance customer experiences by providing a fast, secure, and convenient hands-free payment option.

The world is rapidly moving towards cashless transactions, and combining facial recognition with payment processing represents a significant step forward. This innovative system will empower consumers to make purchases effortlessly by recognizing them through their facial features, thereby eliminating the need for physical touch or cards.

During the Singapore FinTech Festival, taking place from November 12 to 14 at Singapore EXPO, attendees will have a unique opportunity to experience this cutting-edge facial recognition payment solution firsthand. Demonstrations will showcase how the Stripe Reader S700, a device integrated with Stripe Terminal, functions in real-world scenarios.

How Stripe Terminal Works

Stripe Terminal serves as a versatile tool that integrates payment channels to provide a consistent purchasing experience, allowing businesses to interact with customers across multiple platforms effectively. With the assistance of programmable APIs, SDKs, and a unified dashboard, merchants can gain real-time insights into customer behavior, optimizing their operations and enhancing service delivery.

The Stripe Reader S700, designed to meet custom point-of-sale needs, is an Android-based smart reader that establishes a strong link with Stripe Terminal. This device features an intuitive interface similar to smartphones, enabling a smooth user experience and connectivity through Wi-Fi for seamless transactions.

Statements from the Executives

Daniel Heffernan, Representative Director of Stripe Japan, shared his enthusiasm about the collaboration: “Through this partnership, Stripe users will gain access to NEC’s world-class, high-precision facial recognition technology via our unified commerce solution, Stripe Terminal. We are excited to provide consumers with a much smoother purchasing experience at retail locations.”

On the other hand, Kazutoshi Shimizu, head of NEC's Financial Solutions Division, emphasized the importance of this technology for addressing various payment challenges faced during in-person transactions. He stated, “The customizable nature of Stripe Terminal will greatly contribute to resolving challenges associated with face-to-face payments. By combining NEC’s leading facial recognition capabilities with Stripe's globally utilized payment platform, we aspire to offer a novel payment experience where digital technology can be utilized easily and confidently by anyone.”

The Companies Behind the Innovation

Stripe is known for its ability to build programmable financial services that support millions of businesses globally. It processes an impressive annual payment volume of over $1.4 trillion, approximately 1.3% of the world’s GDP. With substantial investments in research and development, particularly focused on AI and stablecoin initiatives, Stripe continues to play an influential role in advancing digital finance.

NEC, with a rich history spanning 125 years, excels in IT services and social infrastructure. It capitalizes on advanced technologies such as AI, biometrics, and security to provide innovative solutions across various sectors. NEC's value creation model, known as BluStellar, embodies its commitment to driving digital transformation and fostering a sustainable society where individuals can thrive.

For more information, feel free to reach out to:

- Stripe Support: stripe support
- NEC Digital Finance: E-Mail: [email protected]

This collaboration not only pushes the boundaries of what’s possible in payment technology but also sets a precedent for the future of financial transactions worldwide.