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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

Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)

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Building Customer Trust in AI with Blockchain

Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.

Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.

Source: Harvard Business Review

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Blockchain at a Crossroads: Balancing Promise and Peril

As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.

The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.

Source: Cointelegraph


BRICS vs. USD: Blockchain’s Role in Economic Shifts

The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.

This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.

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Source: CoinGeek


Hungri Games Expands MetaHorse Unity to Base Blockchain

Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.

By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.

Source: CoinTrust


Nano Labs Purchases Trump Tokens to Celebrate Presidency

Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.

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The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.

Source: PRNewswire


Final Thoughts: Blockchain’s Expanding Horizons

This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.

While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.

 

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Blockchain

CoreNest Capital Announces Strategic Investments in SpaceX, CTGT, Open Clinic, Asha Health, CollectWise, Curo, Hybrd, and Study Dojo

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OpenAI, xAI, SpaceX, Weave Robotics, Blaze Payments, Domu AI, Phonely AI, Andromeda Surgical, Texture Capital, Artisan AI, Piramidal,Avatar Medical, OpenCall, Fleak AI, Algorized, itsElectric, Dili, CTGT, Open Clinic, Asha Health, CollectWise, Curo, Hybrd, Study Dojo, Sologenic, Coreum, Pulsara

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The World Market for RegTech 2025-2030: Growth Trends, Industry Chain Analysis, Regional Insights, SWOT Analysis and Market Shares of Leading Players – Thomson Reuters, Deloitte, PwC, Accenture, IBM & More

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