"Face payment is a new payment method based on artificial intelligence, machine vision, 3D sensing, big data and other technologies. It has the advantages of being more convenient, safer and providing a better experience."
Zhou Feng, president of Ruixiang Research Institute and CTO of the group, held a device similar to a "desk lamp" and showed it to the executives while introducing facial recognition payment.
It is said to be a "desk lamp", but it is actually a little different. Instead of the "light bulb", it is a book-sized face-scanning display.
"Payment by facial recognition" is not a new term. Ruixiang has been developing this project internally a few years ago.
It’s just the specific product that most executives have seen for the first time.
"So how do you use this product?"
Zhang Lan asked curiously. She has been in charge of the short video and content sections and does not know much about financial technology.
Zhou Feng put the "desk lamp" on the conference table and simulated the scene.
"First connect this device to the manual cash register and place it on the cash register."
He pointed to the display screen on the top of the device, "Customers only need to point their faces towards the camera to quickly complete payment by scanning their faces, which is similar to face recognition in the loan review process."
"The process is not complicated. It's better to be simpler. The simpler it is, the better it will be for popularization."
Lu Qi commented, "However, it is not easy for merchants to switch from collecting QR codes to using facial recognition machines, right?"
Zhou Feng explained, "Compared with traditional cash register machines, we have five major advantages."
Compared with the index finger, he said, "First of all, it is miniaturized, and its size is only one-tenth of the self-service cashier machine;"
Compared with Zhongzhi, "Secondly, it is fully compatible with merchants' existing cashier systems, reducing merchant system modification costs."
…
Zhang Yida didn't say anything. He took the facial recognition payment device from the table and looked at it carefully.
This is not an amazing technology. Finnish startup Uniqul launched the world's first payment platform based on facial recognition system, the unique payment system, in 2013.
However, due to factors such as the business environment at the time, user habits, etc., it has not become popular.
Qiandu, Yuzhou Research Institute of the Chinese Academy of Sciences, Leech Financial Services, and WeChat Pay have started technology research and development and commercial exploration of facial recognition payment in 2014.
Ruixiang also carried out research and development at about the same time, solved many problems, and only mastered a relatively mature solution this year.
Thanks to the continuous launch of facial recognition functions by smartphone manufacturers, facial recognition payment began to be widely used in China in 2017, penetrating into major life scenes such as retailers, supermarkets, and restaurants, and the industry is showing rapid growth.
Zhang Yida also feels that the time is almost ripe, and plans to take the lead in launching his own facial recognition payment device - Eagle, ahead of the Dragonfly of Leech Financial Services and the Frog of WeChat.
The name is also quite particular, the frog eats the dragonfly, and then the frog is eaten by the eagle.
Originally, Zhang Yida wanted to register the trademark "Snake" because the standard natural enemy of frogs is snakes.
But "Snake" was registered by a cheating game company, and other snakes didn't sound good, so Zhang Yida simply registered an "Eagle".
He is almost at the top of the food chain, looking down on dragonflies and frogs.
"What about the price? If it's too expensive, it might be a hindrance to our promotion."
Zhou Feng explained to Lu Qi, "It is still a first-generation product, and the price must be at least around 2,000 yuan to recover the cost."
"It's a little expensive. You want a small vendor to spend 2,000 yuan to buy this set of equipment? That's almost impossible."
Gu Panpan joked, "But if you join Pinduoduo's tens of billions subsidy plan, it's still possible. I'll sell you 10,000 units at a discount."
Hong Haibo, president of the financial technology business group, also agreed with Gu Panpan's point of view. He shook his head and said, "It's too expensive. The price must be brought down, otherwise the volume will not increase at all."
Zhou Feng spread his hands and said, "Then there is no other way, unless we provide subsidies."
When he said this, he also glanced at Zhang Yida.
Zhang Yida shook his head, "The free ones are the most meaningless. Only when merchants spend money will they value this equipment and use it.
However, the "expensive" problems you mentioned also exist objectively. Compared with a payment QR code that costs a few yuan and includes shipping costs, it is indeed hundreds of times more expensive.
If it's just a small vendor like a vegetable market, it's definitely not cost-effective.
We are targeting large-scale merchants such as supermarkets, hospitals, convenience stores, etc. In addition to making facial payment faster and saving payment time.
The face-swiping device comes with a large touch screen and computing power, which allows it to meet basic payment functions such as code scanning and face-swiping, and can also be used for new retail marketing.
With the help of interactive screens to play event posters, marketing information can be conveyed to users conveniently and intuitively, solving merchants' marketing pain points.
At the same time, the Eagle face-swiping payment system also supports access to mini-program membership or CRM systems, enabling members to become members by just swiping their faces, which can achieve precise marketing."
Xie Huaiyu, president of the Digital Technology Business Group, asked, "Then how do we promote it? This is no more expensive than the QR code for payment, and it is also more difficult to sell.
It’s impossible to replicate the path of the past and recruit a bunch of college students to promote it one by one in the streets, right?”
"This definitely won't work!"
Zhang Yida shook his head violently, then asked with a smile: "Do you know how POS machines are promoted?"
Lin Zhenyang nodded thoughtfully, "A model where the agent takes the machine and relies on the machine fee to share profits later?"
Zhang Yida nodded, "Yes, we must find local individuals and companies with certain resources to cooperate and let them help us sell as agents.
It is impossible for us to set up a special sales branch just for this matter.
Because the market needs to be nurtured, it is too early for us to enter the market now and it is not worthwhile."
"That's true, mobile payment has only been popular for three or four years, and it has jumped to facial payment.
It does take time to digest this change, and businesses and consumers also need time to adapt."
Lin Zhenyang thought for a moment and said, "I heard that the Rui Alliance is very popular. Do you want to poach someone?"
Of course Zhang Yida has heard of this "Swiss Alliance", and he is very good at promoting POS machines.
Twelve-level profit sharing, agency distribution fission... sounds a bit bluffing.
Zhang Yida shook his head, "Forget it, it's better not to take these shortcuts. The payment company behind them doesn't even dare to admit its relationship with them.
Do you know why?"
Lin Zhenyang smiled. Of course he knew the specific reason. This was just a side shot.
It's okay if nothing happens, but it's cool when something happens.
After thinking about it, Lin Zhenyang still expressed his point of view, "But these people are like chicken blood, and they are very passionate in earth pushing.
They have to sell POS machines anyway, so wouldn’t it be a good idea to promote facial recognition payment?
Moreover, we are formal and do not engage in many levels.
If you want to be our outsourcing agent, you have to come and get the goods yourself. For how many units you sell, we will give them a certain subsidy, and we will also give them a portion of the profit from the handling fee.
All are public-to-public cooperation, and we only use two paths: official sales and outsourcing agency.
We will never engage in distribution fission and hierarchical profit sharing!”