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China: Facial Recognition in Payments are Real and Not Far in the Future

China`s Problems Continue - Please Read This Article

The QR code has been a big part of payment services in China but it could now be a thing of the past as China is now looking at facial recognition as a new form of ID. Most people in China are now using their mobile phones to scan QR codes, a type of barcode system. They do it via the most via popular platform such as Tencent WeChat Pay or Alibaba Alipay. At the CNBC East Tech West conference in Nansha district in Guangzhou, China these payment system discussions are taking place. Some companies are working with regulators to test facial recognition payment systems – a new form of payment that could render all others obsolete. According to an article on CNBC by Yen Nee Lee, before the facial and fingerprint recognition become more popular in China, Tencent will continue to expand the use of WeChat Pay both domestically and internationally. According to management at WeChat Pay, the number of visitors coming to China will be 500 million and as China moves to a cashless and cardless society, WeChat Pay is now working with Visa and Mastercard to connect with this system. It seems that facial recognition for payment is not far down the road in Asia.

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