Industry optimistic over biometric deals
Print Edition
BIOMETRIC authentication, including fingerprints, facial recognition and sound waves, will be used in more than half of online payments over the next two decades.
It will make transactions safer and easier, especially as China is seen as the growth engine of the industry.
Market observers estimate about 20 percent of online payments involve biometric transactions at present.
“Payment innovation is one of the key powers to facilitate the rapid and healthy development of Internet finance,” said Gao Hongliang, chief executive of Orange Finance, a subsidiary of China Telecom.
Top firms, including China Telecom, Huawei and Alibaba, have already moved into the sector.
Currently, people pay by phone, QR codes and biometric methods including fingerprints and sound waves.
Chinese Internet giants Alibaba and Tencent recently launched facial recognition payment technologies that were publicly tested in some regions.
Orange Finance, which manages 200 million individual accounts and over 400,000 commercial clients, also developed its own facial recognition technology for mobile payment. It has offered users the service of “scanning face to pay” in Guangdong and Fujian provinces since 2014.
The output of biometric technologies used in the finance sector is expected to reach US$657 million by 2019.
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