We live in a time where financial systems have been overtaken by technology.
Don't have cash? No problem - you can already pay wirelessly, via an app, a finger print, or more.
The fintech world is flourishing and new innovations and payment methods are being released all the time.
Of course, cryptocurrencies are a huge part of this revolution as well!
So you have paid wirelessly, maybe even with your fingerprint - But have you ever paid with your face?!
A Chinese startup has come up with a solution to integrate facial recognition into the payment process.
"The Face++" is a beijing-based startup, backed by a subsidiary of Alibaba - Alipay and the commercial bank Ant Financial.
The technology is implemented in Alipay's "Smile to pay" option, and 120 million Chinese people already use facial recognition to confirm their payments.
There are many different uses for facial recognition technology: identification, payments, granting access and even tracking down criminals.
How does it work?
First, the user needs to upload a picture of himself to the system. The software then analyzes the facial biometric data, and up to 83 different key points are being tracked on the face.
That way, a person's face can be identified with an incredible 99% accuracy!
The system uses artificial intelligence and deep learning techniques.
These are especially effective for image recognition because it focuses on the specific facial features that will identify a person most reliably.
Other features of the App
Face++ can not only recognize and identify faces - there are a lot more features.
It can analyze someone's age, race or gender, it can compare faces and even recognize emotional expressions.
And the current most widespread usage for Face++ is actually facial recognition used to grant access to private property.
Many Chinese companies are using this technique to secure entrance to their offices.
Face++ can even monitor people's movements inside a room.
Facial recognition is already hugely popular in China - not due to security, but actually because of the convenience.
Offices and apartments can use the technology to grant access, and retail stores are hoping to improve the customer experience with such a quick and easy payment method.
“The face recognition market is huge. In China security is very important, and we also have lots of people. Lots of companies are working on it.”
-Shiliang Zhang, Peking University
Another company that's working on similar technologies is Baidu - China's most popular search engine.
Similar to Google, the company is not just a search engine but rather works on many different future-oriented projects, facial recognition being one of them.
They have proven that their software could recognize faces even better than a human being! Earlier this year, the system was tested in a TV show.
When facing off against people who were remarkably good at identifying adults from their baby photos, the system beat the humans.
Baidu is currently working on a system to let people replace buying tickets with facial recognition.
They are cooperating with the government of Wuzhen, a popular tourist destination, and aim to replace tickets.
The goal would be to grant access to different attractions solely with facial recognition.
Baidu stated that it could compare tens of thousands of faces to a database, and analyze them with 99% accuracy.
What's your opinion about facial recognition? Would you choose this technology over other methods of payment?
© Sirwinchester