China is making headways towards it’s cashless society initiative which is evident by the emergence of diversified forms of mobile payments.
Currently, the new technology that most Chinese vendors are using to make the initiative successfully is the facial recognition payment technology.
The facial recognition payment tech, allows consumers to process their payment without taking out their wallets, or even their smartphones.
An old canteen at Zhejiang University is reported to have became an Internet sensation because of the facial recognition payment and intelligent identification it introduced.
It is reported that the diners in the canteen are requested to have their faces scanned before taking a chip-embedded food tray.
After they select their meals, the smart recognition system counts the food’s total weight and calories and go through payment process for them.
Later, a report specifying the bill and nutrition content is sent to diners’ phones through mobile application.
The facial recognition payment was introduced by Alipay, an affiliate of Chinese e-commerce giant Alibaba, at a KFC outlet in Hangzhou, Zhejiang province last September.
China’s Ministry of Industry and Information Technology indicated the rapid development of the country’s mobile payment.
According to them, in the first ten months of 2017, the country’s mobile payment transactions, totaled 150 trillion yuan ($24 trillion), ranking No.1 in the world.
A report from consulting firm iResearch also showed that in 2016, 54.8 percent of third-party payment transactions in China occurred via mobile payment method.
Chinese online payment service providers also expanded their sphere to overseas destinations.
Last year, tens of thousands of foreign merchants across 36 countries and regions were reported to have accepted Alipay as a payment option, with the total transaction numbers tripling year on year.