The report on the development status of the face recognition industry of the Foresight Industry Research Institute shows that by 2022, the global face recognition market will reach 7.595 billion US dollars, with a growth rate of 20% per year. With the broad market prospects, payment giants have long been aware of the huge business opportunities of "pay by face", and have been eyeing this big cake.
In March 2019, WeChat Pay released the "Frog", a facial recognition payment device. Announcing an investment of 10 billion yuan, the official WeChat "frog" facial payment device provides machines to partners across the country. At present, it is the window period for the promotion of face-swiping payment. With the help of “face-swiping” to promote offline payment channels, we will not hesitate to spend a lot of money and seize the offline retail entrance. WeChat face-swiping payment has been launched in hundreds of merchants across the country, especially one Second-tier supermarkets, such as Carrefour, BBK, Rainbow, ParknShop, Weifang Department Store, Liqun Supermarket, etc. Face-swiping payment, smart medical care, smart campus, smart bank, catering, supermarket, hotel, non-sense parking lot, various scene solutions, software customization development, payment equipment wholesale, please Baidu "Zhangyou Electronic Wei" for details
In the past few years, WeChat Pay has been in the mobile payment field from supermarkets, takeaways, taxis, hospitals, to small stalls on the streets and alleys. The WeChat payment team stated that in 2019, we will combine the product capabilities of WeChat ecology in more scenarios such as retail, catering, apparel and beauty, medical care, and hotel scenic spots, and use face-to-face payment.
As far as the entire business system is concerned, payment is only one of the nodes, but the technological empowerment of face recognition makes it an important entry point for offline consumer service experience. How to enable merchants to move more offline business and consumers to move more transaction links online, so as to realize omni-channel operations offline and online, and become Internet manufacturers and technology manufacturers to jointly promote the transformation of the offline retail industry key.
According to Analysys’ data, in the future, facial payment will maintain an annual increment of 7 million units, and there will be at least 50 billion market space for facial payment. With such a high scale, facial payment has become popular in the retail market and is competing with QR code payment. In the industry, the head, central, and sinking markets are also engaged in a battle for the software and hardware of facial payment.
Palm You Electronics is now committed to face payment, WeChat Mini Program customization, UnionPay Cloud QuickPass, and other business core management members and R&D teams come from third-party payment license companies, all of which have more than nine years of industry experience, and have professional industry knowledge and Advanced development concepts, leading the team to jump out of the traditional aggregate payment model, use the formal channels and data precipitation on the payment platform to carry out multiple derivations such as merchant value-added, hardware expansion, advertising push, and fan operation, and realize the mobile payment attribute in the platform technology dimension Deep integration.