On September 6, 2019, the official website of the Central Bank officially released the FinTech Development Plan (2019-2021) (hereinafter referred to as "Planning"), which determined the general direction of China's financial technology development from various aspects.
With regard to payment, the development plan has also determined more detailed content, which may even affect the current payment pattern. Let's first look at the original text:
(14) Strengthen the payment service for technology empowerment.
Use artificial intelligence, payment tokenization, cloud computing, big data and other technologies to optimize the mobile payment technology architecture system, realize unified account marking, mobile client software (APP) standardized interface, and centralized transaction routing.
Promote barcode payment interconnection, study and formulate barcode payment interconnection technical standards, unify barcode payment coding rules, build barcode payment interconnection technical system, break through barcode payment service barriers, and realize mutual recognition and mutual scanning of different APP and merchant barcode identifiers.
Explore the offline payment security application of face recognition, with the help of password recognition, privacy calculation, data labeling, pattern recognition and other technologies, use special passwords, "insensitive" live detection to achieve transaction verification, breakthrough 1: N face recognition payment application performance The bottleneck is that a licensed financial institution builds a transfer and clearing model that uses facial features as routing identifiers to achieve the unification of the security and convenience of payment instruments.
This section determines the future development direction from the three dimensions of mobile payment technology architecture system, barcode payment interconnection, and face.
The changes in the mobile payment technology architecture system are mainly "realizing unified account marking, standardized interface for mobile client software (APP), and centralized transaction routing", which will greatly benefit the unification and development of the mobile payment industry. In addition, barcode payment interconnection and face have become the focus of attention.
Barcode interconnection is coming, mobile payment has entered a new era of convenience
From an official point of view, scanning code interconnection is the first time that Li Wei, director of the Central Bank's Department of Science and Technology, was published in the May issue of Tsinghua Financial Review. The article said that the central bank is actively promoting barcode payment interconnection, mutual recognition and mutual scanning through emerging financial technology. Now the central bank has released a three-year plan for financial technology, which is a real hammer. In addition, it also explained in more detail the content of the plan for interconnection and mutual recognition and mutual scanning.
In the future, any application launched, as long as it follows the barcode payment interconnection specification, you can enjoy the offline dividend of QR code payment without re-laying the scene. Since then, mobile payment will usher in a new era of blooming flowers. At the same time, based on a common scenario, the mobile payment industry will develop how to provide better value-added services. Payment is only the beginning.
For C-end consumers, the interconnection of barcode payment can be more convenient, without considering the choice of APP.
For B-end merchants , the interconnection of barcode payment can reduce the burden on the cashier. Only one code is needed to support multiple payment applications to collect money.
For service providers that provide barcode scanning payments , such as banks and Internet organizations, they can reduce the offline cost of developing mobile payments, enabling them to invest more manpower and material resources to optimize service quality.
Recognition and specification of face payment
Face payment is a hotspot in the payment industry in 2019. From giants to acquirer outsourcing agencies, all are fanatical about emerging payment methods.
Today, the central bank's three-year plan for fintech focuses on facial payments, which shows the central bank's approval of the technology. At the same time, this market is also being regulated, with some technical details.
"Explore face recognition offline payment security applications, with the help of password recognition, privacy calculation, data labeling, pattern recognition and other technologies."
Security issues have always been an important factor that has troubled the development of facial payments. Recently, Li Wei also published an article saying that he takes a calm view of biometrics, and proposes different ways to supervise face payment online and offline, emphasizing the security of relevant information through TEE, SE and other security technologies. In the future, the security of face payments will be the focus of supervision.
"Using special passwords," insensitive "live detection, etc. to achieve transaction verification" means that not only does it ensure the security of face payments from the back-end technology, but also further enhances its security from the perspective of the front-end consumer.
"Break through the performance bottleneck of 1: N face recognition payment application", the technical bottleneck of 1: N is that the efficiency of information transmission is very high, and the 5G era may be solved.
"A transfer and clearing model with facial features as routing identifiers is constructed by licensed financial institutions to achieve the unity of security and convenience of payment instruments."
This means that the joining of "regular army" financial institutions will further ensure the stability of the market. In addition, the transfer and clearing model with facial features as the route identification also brings new imagination to the payment industry.
In general, the financial technology development plan released by the central bank will promote the healthy development of the industry in all aspects, opening a new era of mobile payment convenience.
