Payment providers are in constant search of ways of making mobile payments safer and secure by the use of unique authentication techniques of which Alibaba Group Holding Ltd (NYSE:BABA) believes it might have made a breakthrough. The e-commerce giant is taking the concept of dining on your face to a new level according to CNBC, as users on its payment platforms will soon be able to scan their face with a smartphone when paying for goods.
CEO, Jack Ma, showed off the new service, ‘Smile to pay’ that is currently in beta mode, during a keynote speech at the CeBIT Tech trade fair. The service is being developed by Alibaba Group Holding Ltd (NYSE:BABA)’s affiliate Ant Financial, for use with Alipay online payment service as well as Alipay Wallet. During the event, Ma pulled out his phone scanned his face with the front camera just to show how the new service will work upon completion.
Alibaba Group Holding Ltd (NYSE:BABA) new payment service will be unique in its own right considering Apple Inc. (NASDAQ:AAPL)‘s Apple pay uses the fingerprint scanner for authentication while other device makers rely on eye scanning verification systems. Getting it right in terms of security of customer’s information is of utmost importance for providers in developing the next secure and reliable payment system.
The annual transaction value of online mobile payments according to estimates is poised to hit record highs of $4.7 trillion by 2019, up from $2.5 trillion last year. Alibaba Group Holding Ltd (NYSE:BABA) is looking to set the pace in the mobile payment systems as future battles in e-commerce are poised to be fought on this front. The company is reported to be developing other techniques as the race for the next reliable payment system heats up.
One of the systems that Alibaba Group Holding Ltd (NYSE:BABA) is developing will allow users to confirm their transactions by speaking out a trigger phrase. Another solution called Trigger ‘Kong Fu’ will let consumers verify a payment by scanning something like a tattoo or even a pet.
Alibaba Group Holding Ltd (NYSE:BABA) plans to launch ‘Smile to Pay’ first in China where it has a huge presence, although it has not yet set a specific date for the big launch.
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