Facial recognition is by no means a new technology, having existed already a few decades. Many of the programs we are familiar with using are equipped with facial recognition software. Now, advancements in the technology are making it possible and accurate enough to start using as a means of securing a financial transaction.
China is already using what is referred to as the Face++ app, HQ in Beijing, for several popular apps. A popular money-trading app, used by over 120 million people in China, uses facial technology to confirm the transfers. The country has many plans for the technology, using it for both surveillance and convenience.
The facial recognition software works by narrowing down the most defining characteristics of the face and is not sensitive to changes in facial hair or haircuts. This technology, becoming widely popular, is now being used in other aspects of life, such as purchasing train tickets, and in some places, as a replacement for a key code to an apartment building. Security is always a concern, however, so a lot of companies in China are also working on security features for this technology.