Shinhan Card "Enter and Pay at Convenience Stores with Face Recognition Only"

Shinhan Card-BGF Retail,
Open CU Hybrid Store Based on Facial Recognition

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 16th that, together with BGF Retail, it will commercialize a service at the CU Hanyang University Dormitory branch that allows convenience store entry and payment using only facial recognition through Shinhan Card's facial recognition payment service, 'Shinhan FacePay.'

This service is characterized by utilizing FacePay's core facial recognition technology for identity verification required for store entry. It is regarded as an innovative future-oriented distribution model that expands the application scope of FacePay technology, which was previously only used for payments, enhancing both entry convenience and security.

After registering card and facial information once at the FacePay registration device installed in Shinhan Bank and CU hybrid stores, users can authenticate themselves by scanning their face at the terminal installed at the store entrance to access the CU hybrid store. Then, customers can scan their desired products at the self-checkout and complete payment through facial recognition via the FacePay terminal.

FacePay is a service that integrates AI algorithms and various encryption and decryption technologies to protect biometric information. It was designated as an innovative financial service by the Financial Services Commission and was commercialized last April at Hanyang University in collaboration with BGF Retail, which operates the convenience store CU.

FacePay offers excellent customer convenience by allowing the use of hybrid stores without carrying a separate application or physical plate card. Additionally, it can be introduced with minimal burden on CU franchise stores, as it requires only simple terminal installation without additional investment or separate space configuration.

To commemorate the domestic first service opening of FacePay at CU hybrid stores, Shinhan Card is holding an event until November 30, where customers who newly register for FacePay will receive 5,000 KRW cashback, and those who pay 2,000 KRW or more at CU hybrid stores will receive up to 2,000 KRW cashback up to 10 times.

Yoo Tae-hyun, Head of Digital First Division at Shinhan Card, said, "The CU hybrid store applying FacePay technology is meaningful as a digital complex model integrating entry security and payment, going beyond existing facial recognition-based payment services. We will continue to enhance the payment convenience and security of Shinhan FacePay to provide customers with innovative new payment experiences and strive to become the standard for future payments."

This content was produced with the assistance of AI translation services.