The Chinese seem to be leading the world in technological innovation, having now developed a facial recognition system that would allow people to pay for goods. What’s more? It has a 97% accuracy rate!
Could this be another addition to the disruptive modelling of businesses such as Commbank?
The Chinese Academy Of Science plans to launch the application sometime next year, with a face database of over 50 million people across Asia. The algorithm being used even takes into account changing weight and age, constantly updating itself to ensure the risk of fraud or failure is minimal.
Likely to change the consumer experience of online shopping, director of the CAS Chongqing Green Technology Research Institute Zhou Xi says the technology will recognise the user in “one second”.
The disintegrating reliance on physical currency is becoming more apparent everyday with the adoption of new payment methods such as NFC (Near Field Communication) chips. How much longer will cash survive in our economies?