Barter System to Coin Transactions to Cash Transactions to Credit/Debit Card Transactions to PhonePe to Now “Face Pay”!! Russia Ramps up “Face Pay” systems!! Facial Recognition Systems Are Used for Financial Transactions!! Read this Transformational Perspective!!

Dear Friends and Students

Today Malaymail published an interesting article on How Russia is moving towards “Face Pay” Systems!! I still remember! It was 1998, I got my first Debit Card from HSBC, sponsored by my previous organization. There were only a few ATMs. I took my friends inside the ATM room on the first day of the operation! We were amazed seeing ATM disbursing the cash!

23 Years got over! Still, I am not getting accustomed to the PhonePe. While this process is getting matured, Russia is unveiling a new system called “Face Pay”. Russia’s leading food retailer X5 group announced the rollout of a Facial Recognition Payment System in its Moscow supermarkets. Customer doesn’t need to carry a wallet, no more cyber thefts, and finally no need to carry phones! You just show your face, the system deducts the amount from the account linked to your face!! Cool right?

X5, Visa Payment, and Russia’s state giant Sberbank together launched this technology! Identity theft. Every transaction is encrypted!

10 years back we talked about “Cash Less Transaction”. It was a revolution at that time! Today we are talking about “Contact Less Transaction”! All thanks to “Face Pay”.

Moscow has launched 1 lakh facial recognition cameras!! It means you are recognized in every nook and corner of the city. Of course, a few NGO groups are objecting to the use of Face recognition systems as it hampers privacy and leads to data leakages.

Dear Students

AI-ML is taking up new trenches. Its applications are growing in every domain. Time to develop an appreciation towards Digital Image Processing. Researchers predict that the global market of image recognition will reach $38.92 billion by 2021 (medium.com). OpenCV provides real-time image recognition.

Image recognition or a computer vision promotes automation of all jobs that a human visual system can do. TensorFlow by Google, DeepFace by Facebook, Project Oxford by Microsoft are good examples of Deep Learning Image Recognition Systems.

Gear Up!! Today Multi-Disciplinary Research Approach is going to be the differentiator!!

Your Well-wisher

Ravi Saripalle

Join Inspire to Innovate Storytelling Movement (i2itm.blogspot.com)

Source Inspiration: https://www.malaymail.com/news/tech-gadgets/2021/03/12/russia-ramps-up-facial-recognition-systems/1957129