New Tech in Jerusalem Lets Stores Be Paid By Facial Recognition
Preciate, A Holon-based start-up looking to make the entire shopping process as simple as taking a selfie. The company’s Pay by Face kiosk system is already in use in several restaurants at the Azrieli Business Center in Holon, and is set to begin rolling out in several well-known Israeli chains in the coming weeks.
So far, the system is installed at four restaurants at the Holon Azrieli Business Center, where Preciate’s offices happen to be located. In the first three months of operation, some 750 customers have registered for the system, and about 70-80 use it every day” – said CEO and co-founder Eyal Fisher.
Preciate aims to integrate state of the art facial recognition technology for retail and related brands, providing shopper identification, statistics, and preferences pushed in real time as the shopper enters the store and is identified by the system. The startup, founded in 2017, already installed the system in several stores in Israel and the U.S., including in chains like The Webster and Showfields, before coronavirus arrived and completely derailed the company’s roadmap.
Pay by Face is currently installed in four restaurants at the Azrieli Holon Business Park, with 650 people registering in a short time and 70-80 using facial recognition to pay on a daily basis. The company currently has eight employees and Fisher is hoping they will be able to embark on a significant funding round during 2021 on the back of the success of Pay by Face, which he predicts will have thousands of active users and dozens of registered restaurants by that time. Currently, Preciate charges businesses a set monthly sum according to the number of kiosks they order, but Fisher said that depending on the preference of businesses, the company may ultimately choose to move to a model in which it receives a percentage of the revenue rather than a fixed price.
While paying via facial recognition has been up and running in China for several years, it is almost unheard of in the rest of the world. Fisher is hoping Preciate can become a leader in that market, starting with the U.S., where it is in the process of finalizing the details required to process payments, something it did in Israel with the help of SensePay, a wallet payment platform that connects mobile apps to brick-and-mortar points of service.
Read more here – https://preciate.me/press_news12/