November 23, 2017 -
UnionPay unveiled its vision for the future of payments at last week’s Singapore FinTech Festival 2017.
UnionPay FacePay enables users to pay for purchases using face recognition technology. Users can link their facial identity to their payment accounts, and make hands-free payments by taking a photo of their face using the FacePay-enabled system. The technology is being tested in partnership with LinkFace, and aims to soon be rolled out in Asia.
According to a company statement, UnionPay FacePay can achieve 99.5% accuracy and has a wide variety of potential applications in the food and beverage and retail industries.
“As a global payment brand focused on realising the vision for a cashless society, UnionPay continuously innovates by working with developers and partners to conceptualise new payment solutions that can enable convenience and ease of e-payments for consumers around the world,” said Mr. Shuan Ghaidan, Director of Products, UnionPay International.