Selfie payments, anyone?
Alibaba Group Holding Ltd (NYSE:BABA)’s founder and CEO Jack Ma has revealed one of the electronic payment technologies the company is working on and it directly concerns your face.
According to Re/code, the Chinese internet billionaire demonstrated a payment method that uses facial recognition at the CeBit conference in Hanover, Germany on Sunday night.
“I want to take this opportunity to demonstrate a small innovative product that we designed,” Ma is quoted as saying as he was wrapping up his talk at the event.
The technology is reportedly being co-developed by Alibaba Group Holding Ltd (NYSE:BABA) and Ant Financial, an affiliate firm that deals with Alipay, the Chinese web giant’s electronic payment platform. According to Re/code, Ma’s company wants to help Ant Financial have a successful IPO in 2017.
Demonstrating the selfie payment technology, Ma bought a souvenir stamp from Hanover in 1948 on Alibaba Group Holding Ltd (NYSE:BABA)’s site as a gift for the city’s mayor.
“[Using] online payments to buy things is always a big headache. You forget your password, you worry about security. Today we’ll show you a new technology, how in the future people will buy things online,” Re/code quotes Ma saying.
It remains to be seen how secure this new Alibaba Group Holding Ltd (NYSE:BABA) technology is. For the meantime, Ma did not answer questions about the demonstration he did at CeBit, the publication notes.
David E. Shaw’s D.E. Shaw & Co., L.P. almost exited its Alibaba Group Holding Ltd (NYSE:BABA) position by the end of the last quarter of 2014. The firm reduced its stake in the Chinese electronic commerce giant by 99% quarter over quarter to 80,004 shares by the end of December. D.E. Shaw & Co., L.P. owned about 4.05 million shares in Alibaba by the end of the company’s IPO quarter, the third quarter of 2014.
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