UnionPay Does Not Expect Facial Scans to Replace Existing Payments Technologies
A senior figure from China’s leading card payment organisation say he does not expect facial recognition technology to become a panacea for Chinese payments.
Peng Cheng (理彭程), assistant general manager with China UnionPay, said it will not be possible for facial scan payments to fully replace existing payments methods.
“Facial scans and other payment methods such as QR codes should co-exist,” Peng said. “Facial scan payments will not fully replace existing methods – they will co-exist over the long-term.”
Peng made the remarks to Diyi Caijing at the 2019 Internet and Mobile Payments Innovative Development Forum (2019年网络和移动支付创新发展研讨会) on 10 December.
Peng also expects China to see the increasing integration of these payment methods within single premises.
“In future facial scan equipment will definitely incorporate cards, QR codes and facial scans,” said Peng. “All terminals will support different organisations and different types of transactions.
“This is the trend, and it’s happening very quickly.”