As another revolution in the payment industry, face-scanning payment is simple, fast, and saves transaction time; it is cool and fashionable, which improves transaction interest; it is very convenient and can replace mobile phones and free hands. It has gradually integrated into people's daily life with this refreshing and convenient payment method. In December 2018, Alipay took the lead in launching the face-swiping payment device "Dragonfly", and in March the following year, WeChat Pay officially launched the face-swiping payment device "Frog". As soon as face-scanning payment was launched, it was favored by young consumers and merchants with its many advantages, such as new type, convenience, labor saving and membership discount.
In the following year, Alipay and WeChat have successively launched a variety of devices, which have made great improvements in the thickness, weight, and functions of the display. The two payment giants once planned to spend as much as 10 billion Fax List yuan in the marketing of face devices for a year. With these numbers alone, you can feel the smoke billowing on the battlefield. The reason why face-scanning payment can quickly seize the market is closely related to the vigorous promotion of giants. On September 6, 2019, the "Fintech Development Plan (2019-2021)" officially released by the central bank clearly stated:
Promote the interconnection of barcode payment" and "encourage licensed institutions to explore face recognition offline payment security applications" As soon as this regulation was issued, the two payment giants, Alipay and WeChat, invested more capital and technology into the new payment method of face-scanning payment. Nowadays, face-swiping payments are becoming more and more common in first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen. In addition to time-honored restaurants, business districts, parks, farmers markets and other public transport systems, face-swiping payments will also be launched. In addition, in more than 11 cities such as Wuhan and Foshan, nearly 1,000 stores have used face-swiping payment machines.