On October 20th, at the sub-forum “FinTech: Deep Integration & Multi-directional Empowerment” of the 6th World Internet Conference (WIC) held in Wuzhen, Zhejiang, China UnionPay together with the Postal Savings Bank of China (PSBC) and other over 60 institutions jointly launched a new smart payment product, the facial recognition payment system. Qu Jiawen, Vice President of PSBC, attended the conference.
This payment product leverages artificial intelligence, big data and other advanced technologies to realize transaction routing through face scanning. It will continue to use payment password authentication method without changing the transaction habits of customers and merchants. Customers only need to register and apply for this facial recognition payment service in their mobile banking or UnionPay’s mobile app, Cloud QuickPass, and bind it to their UnionPay cards. When settling their accounts with the designated merchants of the scenarios such as shopping centers, supermarkets, restaurants, pharmacies, hotels, self-service vending machines, etc., customers can complete the payment by conducting facial recognition operation according to the prompts and entering their payment passwords, saving themselves the bother of producing physical media such as smartphones, bank cards and so on, thus greatly improving their payment experience. This service will first be available to users in Ningbo, Hangzhou, Guangzhou, Jiaxing (Wuzhen), Changsha, Wuhan, Hefei and other Chinese cities.
As a brand-new smart financial product, this facial recognition payment focuses on security and provides customers with protection of information and fund security in the whole process. In terms of information protection, customers’ authorization must be obtained before acquiring their facial features, and the scope of data use is strictly controlled. Technologies such as payment tokenization, secure multi-party computation and scatter storage are adopted to prevent information from leakage, falsification and abuse. In terms of fund security, the subjective wills of the users are fully respected. Authentication is conducted through special payment passwords; and a security mechanism is established to protect the users’ legitimate rights and interests such as the right to know and the right of property safety.
The successful launch of this facial recognition payment product has brought new opportunities and new kinetic energy to the payment industry. Revolving around this new product, PSBC will work with China UnionPay, acquirers, merchants, service providers, security assessment agencies and other parties to strengthen the application of financial technology, build a security line for payment and settlement, providing the public with safe, standardized, convenient and efficient payment services, helping foster new payments, new retail, new economy, and developing a new payment ecosystem on the basis of mutual benefit and win-win cooperation.