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UnionPay showcases FacePay and e-payment tech


November 27, 2017
By Canadian Vending

Singapore – Financial services company UnionPay announced new developments in facial recognition, coding of data into sound waves and other new technologies relating to e-payment at the Singapore FinTech Festival, held from Nov. 13-17.

UnionPay showcased its face recognition technology, FacePay, which enables users to pay for purchases by taking a photo of their face.

Sound Code is the company’s new technology that encodes data into ultrasonic sound waves to enable interactive payments for users.

The company also educated showgoers about a new virtual reality application that allows retailers to visualize in-store layouts and the integration of new payment technologies prior to implementation.

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Also featured was an improved risk management system that helps issuers and acquirers verify consumer data and evaluate creditworthiness in real time to manage the risk of card fraud.

The new technologies are being tested in real-life scenarios in partnership with brands in Asia.