PayToo Merchant Services Corp., a division of PayToo, has unveiled its new payment technology, PayToo SmileandPay. The service uses facial recognition and QR codes to verify payments, according to a press release.

First-time users download the PayToo assistant app and enter their ID, payment card and selfie. To use PayToo SmileandPay, the customer scans a QR code and validates the transaction by taking a selfie. The merchant does not access or retain any of the consumer's personal information, according to the release.

With e-commerce retailers losing billions to fraud, the industry needed to react, PayToo CEO Michel Poignant said in the release.

"With the launch of PayToo SmileandPay, we are proud to be at the forefront of the technology and to mark another milestone in the industry," he said. "Online payments and financial services are going through a revolution, and we are excited to be part of it by offering an innovative, secure and easy solution to both merchants and customers."