UnionPay Showcases State-Of-Art E-Payment Technologies at Singapore Fintech Festival 2017

(Source: UnionPay)

After dining at a restaurant, switch on your mobile phone, see the bill, and the payment is complete! This can be realized soon with UnionPay Sound Code. Four of UnionPay e-payment technologies debuted at the Singapore Fintech Festival (SFF) 2017, namely, FacePay, Sound Code, Virtual Reality and real-time Risk Management System.

Joshua, an attendee from the Silicon Valley who works in the science and technology industry, experienced UnionPay FacePay, and was intrigued by it, commenting: “UnionPay displays very strong innovation capability in Fintech.” UnionPay FacePay can reach 99.5% accuracy in facial recognition, and has a wide variety of potential applications in unattended scenarios. The technology is under application pilot and is expected to be launched in Asia soon.

Mr. Shuan Ghaidan, UnionPay International Director of Products said, “As a global payments brand, UnionPay, through extensive research, rigorous testing and trial, aims to connect consumers, businesses and financial institutions with cost-effective and secure payment technologies. This technology showcase marks the beginning of more payment innovations to come, as we intensify our efforts in harnessing artificial intelligence, blockchain, big data and cloud technologies to enable quicker, safer and more seamless payments for consumers and businesses.”

When experiencing Sound Code, attendees see a bar of chocolate on the screen and then receive its information on their mobile APP, and can buy it at once. UnionPay’s Sound Code is an interactive, open platform solution that enables users to encode data into ultrasonic sound waves to conduct more precise audience targeting.

Attendees are also immersed into a virtual retail environment through UnionPay’s Virtual Reality solution. UnionPay’s enhanced Risk Management System features risk-based authentication, real-time fraud interception and near real-time card risk monitoring that helps issuers and acquirers improve their fraud mitigation procedures.

With Fintech booming globally, China has become one of fastest growing countries in the field. In line with the trend of proliferating mobile payment and digital payment, UnionPay has collaborated with all industry players to launch a series of innovative payment standards and products, including UnionPay Online Payment, UnionPay Mobile QuickPass, UnionPay QR Code Payment and UnionPay E-Wallets. UnionPay is also accelerating the building of a cloud platform and big data applications, while exploring cutting-edge technologies like blockchain and artificial intelligence.

The 5-day Singapore Fintech Festival 2017 is an invigorating week of distinct FinTech events. This year, about 300 companies from more than 40 countries and regions and over 25,000 people participate in the Festival.