Chinese tech giants are moving into the next frontier of payments processing: your face.
As per a report by South China Morning Post, merchants across cities in China have begun using payment applications with financial recognition technology, replacing the ubiquitous QR codes.
As noted by SCMP, Alipay — Alibaba's payments app — launched its so-called Dragonfly facial recognition system in December 2018. It has been rolled out to over 300 Chinese cities. The point of new functionality is to make shopping even easier than having to whip out your smartphone.
“Facial recognition payment not only eradicates the need for smartphones, it also provides more convenience, offering consumers another way to make payments,” as noted by Tiffany Lung, Tofugear, a retail analyst at a Hong Kong retail solutions firm.
Indeed, facial recognition is proving to be the next battle between WeChat Pay and AliPay as they look to grow their marketshare, according to Lung.