Connect with us
The clever new way to send money abroad

Banking

Forget cash, face scanning is the new wallet in China

Customers using face-detection technology to make payments has become popular in China where 14% of customers don’t carry any cash at all

Published

on

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

Click to comment

Leave a Reply

Economics

Thailand’s economic growth expected to return to 2019 levels in mid-2023

Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.

Published

on

The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.

(more…)
Continue Reading

Banking

S&P maintains Thailand’s credit rating at BBB+ with stable outlook

Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

Published

on

Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

(more…)
Continue Reading

Most Read

Recent