Blockchain
CRFM Explores Fintech Trend: Facial Recognition Payment in China
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:
- Huge hardware cost pressure (to banks and merchants);
- Cumbersome and unfriendly operation process (to merchants and users);
- 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 2019, SZ 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.
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
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
The post Anticipated Return of $9B Mt. Gox-era Bitcoin May Spur Market Anxiety appeared first on HIPTHER Alerts.
Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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