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CRFM Explores Fintech Trend: Facial Recognition Payment in China

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Facial recognition is springing up in payment industry of China in year 2019. The market continues to heat up after People’s Bank of China announced to support exploration of facial recognition application in payment industry in August 2019. Various payment institutions (Union Pay, Alipay and WeChat Pay), POS hardware manufacturers, OEM mobile phone manufactures, etc have ambitiously followed this innovative payment trend and launched their own products.

Chain Relations Finance Media (CRFM) has noticed, in the current market, each payment institution (UnionPay, WeChat Pay and Alipay) has its own hardware device to process respective facial recognition payment. In other words, on top of existing hardware to process QR code payments, merchants need to install additionally three different devices to enable facial recognition payments of UnionPay, WeChat Pay and Alipay respectively. Unfortunately such development barrier poses a number of pain points to various participants:

  1. Huge hardware cost pressure (to banks and merchants);
  2. Cumbersome and unfriendly operation process (to merchants and users)
  3. Unnecessary setup space occupancy (to merchants).

In visiting various merchants and researching the situation of payment acceptance, CRFM has found some merchants having adopted one single hardware to complete facial recognition payments (UnionPay and WeChat Pay) and also QR code payments (UnionPay, WeChat Pay and Alipay). The hardware is provided by a local acquiring bank, and after diving deeper in the technology used by the bank, CRFM has discovered that the bank is using the middle software provided by Shenzhen Taotaogu Information Technology Co., Ltd. (SZ TTG) (ASX ticker : FTC).

Integrated Facial Recognition Payments Lead The Tide

CRFM has interviewed SZ TTG regarding its view and development in the payment trend in China. In early November 2019SZ TTG is the first to launch an integrated facial recognition payment solution – “Flounder” using one single hardware to complete both facial recognition payments (UnionPay and WeChat Pay) and QR code payments (UnionPay, WeChat Pay and Alipay). “Flounder” offers stunning merits: (1) Saving hardware cost; (2) Streamlined operation/payment process; and (3) Less space occupancy.

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CRFM realises that SZ TTG is currently serving more than 700 banks and over 5 million merchants in China by its patented T-LinxTM Middle Software for banks. The T-LinxTM powered banks export such fintech middle software capability to their various merchants, seamlessly connecting merchants’ operation system with integrated payment solutions in low cost. Moreover, T-LinxTM is furnished with consolidated transaction data with one unified statement and real-time data management (SaaS) for merchants, and many other state-of-art industry applications.

The promotion of the giant institutions/corporates, the follow-up of government supervision, the excitement of the industry, and the questioning of the public are all very similar to the market situation when the QR code payment was becoming popular. CRFM believes that integrated facial recognition payment will be the next development tide after QR code payment.

SOURCE Chain Relations Finance Media Holdings Limited

Blockchain

This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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Blockchain

Bybit Web3 Launches World’s Largest GameFi Playground at Crypto Ark-ade as GameFi Market Size Surges to $20bn

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