Apple Pay and Android Pay made a big entrance in the tech world when it was introduced as it was innovative and groundbreaking. However, with the current fast-paced development of alternative methods, even more advanced methods of payment are emerging. Artificial intelligence is the future and ideas are becoming more advanced.
Facial Recognition – Face++
As of recent, there has been a new method of payment that is ready to blow Apple Pay and Android Pay out of the waters. Face++, is a software developed by a Chinese startup valued at a billion dollars. Face++ allows you to make payments through facial recognition. Facial recognition is an emerging technology that has been introduced in other technologies such as using facial recognition to unlock a smartphone or keep the screen on. Facial recognition is now evolving and is able to be used as a form of payment method. It recognizes faces with impeccable accuracy, allowing a person to make secure and reliable payments. Face++ works with many well-known companies, such as Alipay, Didi, Lenovo and Camera 360, to provide its unique services in shopping and technology industries. For example, Alipay is one of the largest mobile and online payment platforms established by Alibaba Group. With Face++, Alipay allows users to reset a password through facial recognition.
Face++ is already working with Xiaomi Financial and Zhongxin Bank, but the company faces its biggest competitor, Tencent, when it comes to expansion in the banking industry. Tencent has an important advantage in legal aspects, therefore Face++ has more room to improve. Speaking of legal issues, although Face++ has gained a lot of popularity and demand in China, the software will face more obstacles in the West. This would be due to the Western countries’ attitude towards surveillance and privacy. China has an enormous centralized database of ID card photos. This also allows the Chinese government to use Face++ to identify criminal suspects.
Facial Recognition Payments in North America
Facial recognition is not a new idea, it has been around for many years. However, it was inaccurate and of low quality to be used in such important matters as banking and surveillance. Face++ breaks those barriers and proves that it can be done. The impact of artificial intelligence is on a constant rise and new advanced technology and ideas are consistently emerging. Many countries have already began incorporating facial recognition into their softwares. Soon, facial recognition will be the main form of payment and other activities worldwide.
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