Customers using face-detection technology to make payments has become popular in China since Alibaba founder Jack Ma talked about it in Germany two years ago, Imagine China reported on Tuesday.

How this technology works is simple: Stand in front of a machine and it will scan your face and confirm your identity.

About 14 percent people don’t carry any cash when they go out, as mobile payments replace wallets in China, French market research firm Ipsos reported Tuesday.

Customers using face-detection technology to make payments has become popular in China
Customers using face-detection technology to make payments has become popular in China

Nowadays people are using this technology for just about everything, from shopping, withdrawing money to even getting toilet paper.

China has taken a leading role in face-detection technology and the application of this technology has become a magnet for entrepreneurs in the country.

Chinese banks dealt with 8.6 billion payments from mobile services in Q2, up 40.5 percent from a year ago, the People’s Bank of China said.

The combined value of mobile payments jumped 33.8 percent to 39.24 trillion yuan ($6 trillion) and online transactions through non-bank payment platforms came in at 31.49 trillion yuan, rising 34.9 percent from the same period last year, Xinhua reported.

Source: Forget cash, face scanning is the new wallet[1]- Chinadaily.com.cn

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Credit trend for APAC corporates will remain stable in 2022 (Moody’s)

Moody’s estimates that the GDP growth of G-20 advanced and G-20 emerging economies will grow at 4.2% and 4.8%, respectively, in 2022. Fiscal policies across countries will shift from accommodative to strengthening long-term growth potential and debt sustainability.

Australia must learn to navigate the economic realities of China relations

Australia’s export of 12 disrupted goods to China slumped by a combined US$12.6 billion in 2021 compared to the same period in 2019. China’s total import values increased for seven of the 12 goods, with many other countries picking up the lost Australian sales.

Fintech: the natural response to a quarantined economy

During the global lockdown, MSMEs needed Financial Technology (fintech) to keep business operations going. FinTech companies also provided an intrinsic relief to business owners that were at risk of getting sick by continuing to operate manually.