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Moving Beyond Cardless: Envisioning a New Payment Industry Standard with PayByFace

Biometric Authenticated payments are gaining popularity rapidly in countries which are on the forefront of digital payment developments. With global transaction values estimated at $254 million in 2024, it begs the question not if, but when Biometric payments will be the new industry and consumer standard.

Exploring how the Asia Pacific region has largely adopted to the contactless payments comes down to a specific returning factor: The push for digitisation, supported by infrastructure & governments.

Currently, we are experiencing a global society in which frictionless & contactless is the new standard. The corona virus has made the entire world question everyday activities, in which payments play a specific role. In well-developed countries, cash is no longer a preferred or accepted payment method. Touching the pin pad at the grocery store is preferably avoided. But what if this hassle could be a thing of the past?

Consumers and merchants can now pay for goods and services with PayByFace® — a biometric cashless checkout system that provides a completely contactless payment platform using only advanced facial recognition.

Founded in October 2019 by global serial entrepreneur Mihai Draghici and Co-Founder Shefket Robelli, their mission is to provide a seamless and secure digital payment ecosystem for a faster and more convenient shopping experience. PayByFace® also aims to bring a high-end solution to retailers to provide additional payment options to their customers.

PayByFace® was accepted into the Startupbootcamp Commerce 2020 Accelerator program in Amsterdam to refine their product offering and design a repeatable and scalable business model to deliver a new way to pay worldwide. In April, PayByFace® takes part of the VISA Innovation Program, as one of the five Fintech Disruptors, in Bulgaria. They are also a member of the Romanian Fintech Association and are participating in the Founder Institute program in Bucharest, Romania.

PayByFace® is headquartered in Amsterdam, Netherlands (engineering, management & support) and Zurich, Switzerland (sales, marketing & customer service) with additional exclusive partnerships throughout the world. Since the beginning of the year, the company has expanded their operations to over 10 countries including India, South Africa and several regions throughout Europe.

“Within today’s times, it is a responsibility for all fintech entrepreneurs to rethink and bring innovative solutions to the digital payment space,” said Founder & CEO Mihai Draghici.
“We’ve simplified how consumers can pay for their favorite goods and services without their phones or wallets. PayByFace® is even more relevant during this global crisis when people are searching for ways to avoid physical contact and stay at home or just want to untether themselves from carrying cash and cards while shopping.”

The company’s leadership also expects to raise Series A investment round by end of this year and roll-out more innovative products for the restaurant and bar industry thanks to the arrival of their new senior advisor, Emanuele Conti-Vecchi who has joined PayByFace® as Chief Financial Officer. Indeed, beyond his strong financial skills, Emanuele who is currently coordinating the capital raising process, has a deep understanding of the food delivery industry and the challenging dynamics the sector is facing at the moment, due to his 5 years’ experience within the SushiShop group. “PaybyFace is attracting a strong investor interest because of its disruptive business model and its versatile application potential in the “retail and banking sectors” says the recently appointed CFO.  █

Download the PayByFace® e-wallet app from Google’s Play Store or Apple’s App Store and register for an account. You’re one step closer to using your “selfie” to purchase items with participating merchants that are using PayByFace® Merchant app. The company recently updated this app for home delivery services for merchants, enabling them to  take a completely contactless payment or receiving a cashless tip from a client without direct contact at the client’s doorstep!

Find out more at www.paybyface.io.

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