An Internet innovation that is changing the way people pay has been thrust like a pig into the middle of a storm created by two giants, Alibaba and Tencent. That’s it — face pay.
In fact, the face payment issue was not suddenly dreamed up by Alibaba and Tencent, which have at least five years of technical reserves. “Face swipe” payment system is a payment platform based on facial recognition system.
The system does not require a wallet, credit card or mobile phone, but requires only a camera on the screen of a face-swiping payment device. The system automatically links the user’s face information to their personal account, making the whole transaction process very convenient.
Face payment technology is already very mature, with 99.9 percent recognition. Current face recognition using 3 d face recognition technology, in the face recognition, the system will be through a combination of hardware and software, the hardware base + + risk control system of intelligent algorithm in live test, at the same time through the application of biological recognition technology, effectively prevent “in the face for unauthorized” situation, to protect customer privacy, guarantee the accuracy of the human face recognition.
CeBIT, the world’s most prestigious IT and communications industry event, has kicked off in Germany. Ma demonstrated facial payment technology at the event, buying a 1948 Hannover commemorative stamp for his guests from Taobao. As a result, the prospect of face payment is familiar to the world.
Faintly a huge entrepreneurial tuyere is about to be born. But the drivers can only be Alipay and wechat. Alipay and wechat have 1 billion users and a powerful use of funds that are unmatched in the world.
The battle between Alibaba and Tencent is a throwback to the days when ride-hailing and bike-sharing were battling it out in the face payment scene and on users’ desktops. A large number of subsidies not only benefit users, but also virtually change the way people travel, creating a huge sharing economy.
In 2019 alone, more than 800 companies have been registered and established related to face payment, and there are more than 1,000 service providers of face payment including those engaged in the development of face payment system. More than 1 million people have participated in face payment projects, including investment companies, agency companies and individual entrepreneurs.
A large number of entrepreneurs have joined in to make face payment quickly spread to stores, and now many supermarket chains, department stores, restaurants and even convenience stores are using face payment.