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

3 years ago

September 8, 2017

Zhang Fang

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

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

Banking

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Pr News

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Banking

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Published

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National News Bureau of Thailand

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