Galaxia Moneytree Participates in Development of Blockchain-Based Contactless Facial Recognition Payment Platform

[Asia Economy Reporter Hyunseok Yoo] Fintech specialist Galaxia Moneytree announced on the 14th that it has formed a consortium with Coinplug and CUBox to build a ‘blockchain-based contactless facial recognition payment platform.’ Coinplug is a blockchain technology specialist company, and CUBox is an artificial intelligence facial recognition specialist company.

This project is part of the ‘2021 Blockchain Pilot Project’ promoted by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA). The two organizations are conducting a blockchain pilot project to explore the practical applicability of blockchain in daily life.

The ‘blockchain-based contactless facial recognition payment platform’ is a payment service that allows prepaid charging and point exchanges through contactless identity verification. The company expects that payments will be made using facial recognition devices installed on POS terminals without existing payment methods, creating a new payment paradigm in the post-COVID-19 era.

Additionally, by resolving the biggest issue of biometric authentication?biometric information leakage?through blockchain DID (Decentralized Identity) and electronic signature technology, users are expected to be able to safely utilize biometric information.

Shin Donghoon, CEO of Galaxia Moneytree, said, “We will create a personalized system with a facial recognition-based contactless payment authentication app and attract offline merchants to introduce a 100% fully contactless payment service,” adding, “We plan to complete the platform construction by the end of the year.”

He continued, “As the global facial recognition market is growing at an average annual rate of 22%, we will create momentum for the domestic payment market to take a step forward through this platform construction.”