UnionPay, China’s major financial services organization, unveiled multiple new technologies for commerce at this month’s Singapore FinTech Festival (SFF), including a naked payments system based on facial recognition.
Called FacePay, the system links a user’s face biometrics to their payment accounts, allowing them to make purchases just by presenting their face to a compatible POS reader. UnionPay says the system’s underlying technology is 99.5 percent accurate in its ability to identify registered users’ faces, and that it offers applications in “the food & beverage (F&B), retail industries as well as in unattended scenarios such as unmanned vending machines and more,” according to a statement.
UnionPay says it’s currently pilot testing the system in collaboration with LinkFace, a China-based facial recognition specialist, and that it’s hoping to roll out the solution in the Asian market “in the near future.” It could find a ready market, with the use of facial biometrics technology in everyday applications being particularly prominent in China.
Other solutions showcased by UnionPay at SFF 2017 include Sound Code, a system that encodes payment data into ultrasonic waves; a Virtual Reality system designed to let retailers build digital store layouts before implementing them; and an upgraded Risk Management System for fighting fraud.
November 21, 2017 – by Alex Perala