Sep 112014
 September 11, 2014  Posted by  Business, Featured News, Non-U.S.

Rebecca Savastio reports:

China has developed a new facial recognition payment system, and its use has widespread privacy implications. According to the latest results from the Chinese Academy of Science (CAS), Chinese scientists have hit upon a novel new system – which is a very positive step in the financial markets – but the bone of contention has been that it claims a near perfect accuracy in recognizing faces.

This new technology is going to be incorporated in a mobile app that is to be launched in 2015, and at the time of launch next year, it is going to be available to retailers and also to individual customers. The Science and Technology Dailyreported that the CAS – which is based in the Chinese city of Chongqing – said it set up the world’s largest database of Asian faces, which presently contains above 50 million records.

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