Pay-by-Nose, a new innovation

24 iulie 2020

an article written by Chris Skinner

I blog regularly about what a fanboy I am of Chinese technology giants Alibaba and Tencent. It’s getting a bit ridiculous now however, when payments companies are designing payments for cats and dogs … or maybe it’s not … it’s just an extension of technologies that work for humans.


My last blog on this subject was May last year, where I mentioned the amazingly impressive Smile-to-Pay service operates. You can dress up in makeup, wear a wig, stand with five friends at a payments checkout and it will still recognise your facial features.

It means that Chinese GenZ, millennials and more can leave their phone at home if they want, although that’s unlikely, but if they forgot their phone then they can just Smile-to-Pay.

It’s a biometric service that actually debuted back in 2017 after beginning developments back in 2015. Five years is a long time in China technology terms, and so the company announced a new thing this week: pet insurance based upon your pet’s unique nose print.

Here’s the lowdown:

Alipay’s insurance platform on Monday launched pet insurance that uses nose print recognition technology for the first time in China.

When taking out insurance, the Alipay insurance platform sets up an exclusive electronic file for each pet based on its nose print. And the platform can check the nose print to verify a pet’s identity before completing a claim.

Back in July 2019, Chinese AI start-up Megvii launched a nose print recognition function in its application to help reunite owners with their lost pets. Nose prints are similar to human fingerprints in that they are unique.

It was reported that the success rate of pet nose print recognition technology is more than 99 percent. The technology will be used in multiple scenarios in the future, including urban pet management and the recovery of lost pets.

Data showed that Alipay has 500 million users at present, and Xiang Hu Bao, an insurance platform built in the payment app and launched on October 18, 2018, had more than 100 million users by November 2019.

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?