China UnionPay announced at the Wuzhen Internet Conference that more than 60 institutions including the five major banks of China Agricultural and Industrial Bank, Postal Savings Bank, China CITIC Bank, Hua Xia Bank, China Merchants Bank, and Ping An Bank announced the release of smart payment products for face payment. Before UnionPay officially entered the market, the two mobile payment giants Alipay and WeChat Pay have been catching up with each other for a long time in terms of the laying of face-scanning terminals, the construction of cooperative networks, and the upgrading of subsidy policies.
2019 is called the first year of face payment. After POS machines and QR code payment, face-swiping payment has become the hottest track in the payment industry. Although the function of facial payment is not the first in China, in recent years, under the rapid development trend, China has become one of the most advanced markets for facial payment exploration. 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
However, while the market is developing rapidly, controversy over risks has not ceased. Several large-scale data breaches in 2019 have accelerated the maturity of users' privacy awareness, and to a certain extent made users more cautious about facial payments involving facial data. In comparison, market giants such as Alipay and WeChat Pay and national teams such as UnionPay.
In order to protect the credibility of its own brand, data security will be more strictly controlled, and it will be less difficult to obtain market recognition. In addition, the complex hardware terminal industry chain for facial payment, and the threshold of competition are much higher than QR code payment and smart POS, making facial payment undisputedly the first echelon game. In a complex market game, whether it is user acceptance, market growth space, or regulatory policy trends, there are always variables, and the entry of UnionPay, which has the dual identities of clearing organizations and bank cards, will become a new variable in this market.
According to reports, Ningbo, Hangzhou, Guangzhou, Changsha, Wuhan, Hefei and other places will become the first regions to popularize facial payment services. Users only need to register, activate and bind a UnionPay card in the mobile banking or cloud QuickPass app, and then they can make face payments at UnionPay designated merchants. From the perspective of product details, UnionPay still maintains a strong attitude towards safety. The face payment extension uses the payment password transaction verification method, and does not change the transaction habits of customers and merchants.
In fact, it has been nearly a year since UnionPay entered the bureau to pay by face before the product went online. As early as December 2018, UnionPay had launched face-based payment experience services in many supermarkets in Beijing and Shanghai. On May 23, 2019, UnionPay helped launch the country's first offline facial payment based on the central bank payment standard in Ningbo. Today, the launch of face payment means that UnionPay has begun a new exploration at the point of face payment.