According to The Korea Times, Korea’s greatest, and the world’s fifth-greatest credit card firm, Shinhan Card is focusing on blockchain-run face-recognizing payment systems and IoT financial payments, as the nation aims to establish itself as a pioneer of “deviceless” payment services.
He said how Visa’s senior vice president, who directs the company’s innovation arrived in Korea before the Chuseok holiday and told him how he believes that Korea will head the new payment system before the U.S. or China. He said that the digital payments already make up 16.5% of the method of payment for their customers, and that in two years the number has already risen from 12%.
Ryoo is of the idea that Korea will effortlessly be at the top of the game, ahead of competing nations like China and the United States, if its government agreed to spend on a countrywide infrastructure.
He stated how, by September’s end, the Financial Services Commission will decide if they want to designate their facial payment as an innovative financial facility.
Shinhan Face Pay was made available in coffee shops, cafes, and stores, in August. It is expected to be tested in universities in the coming November.
Acknowledging the privacy concerns around the globe, Ryoo emphasized, to the users, how the technology used breached their privacy in no way.
He stated how, unlike the facial payment used by the Chinese which collects original pictures, their system only saves the chief points of the picture, freeing itself from any privacy concerns. He added that their Face Pay also includes age tracing algorithms, which implies that the clients would not have to submit another picture for 10 years.