Payments News
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Security

Using Smartphones to Pay? That’s So Yesterday in China

“Chinese technology giants have leapfrogged U.S. companies in popularizing mobile payments. Now, they are trying to get people to bypass their smartphones and make payments by simply looking into screens. Ant Financial Services Group and Tencent Holdings Ltd. TCEHY 1.47% , rivals that operate, respectively, Alipay and WeChat Pay, China’s two largest mobile-payments networks, are competing […]

On The Web

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Security

In China, QR Codes Are Being Replaced by Face Scans for Payments

“In different cities around China, merchants from supermarkets to bakeries have adopted facial recognition payments technology from Alibaba-affiliated Ant Financial and Tencent’s WeChat Pay to make the payments process as frictionless as possible. Alibaba owns the South China Morning Post.    Why? Because face recognition technology brings the next step in payments convenience for consumers and also […]
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Security

CULedger Completes Blockchain Identity Pilot With Three US Credit Unions

“CULedger claims that MyCUID users can verify their identity by using a biometric function on their smart phone, such as voice, fingerprint or facial recognition. The vendor says that data from its pilot indicated that the average time to verify a member’s identity had been reduced from the industry average of more than 50 seconds […]
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Regulation

China Publishes Face Recognition Payments Guidelines

“The Payment & Clearing Association of China (PCAC) has published a set of guidelines that regulate how payments providers making use of face recognition to process payments at the point of sale (POS) should manage the protection of consumer data. The guidelines “cover user consent and the collection, storage and use of facial data,” Regulation […]