Like a scene from an Orwellian nightmare, authorities in Shenzhen China show where the future of centralized cashless payments is headed. And it isn’t pretty.
Centralized Cashless Payments in China
China is known for its high rate of technology adoption. Of the 2 billion or so smartphones around the world, two-thirds of them are in China.
Unlike most users in the West, Chinese smartphones are particularly popular for making instant cashless payments. Just about everyone accepts mobile payments, from small street vendors to homeless people.
Up until now, Chinese using WeChat Pay to make a purchase was completely at their will. But the Shenzhen traffic police are about to instantly extract fines from people’s WeChat accounts if they’re caught jaywalking.
Better than that? They’re using facial recognition technology to catch offenders and remove the fines automatically, no questions asked.
Facial Recognition to ‘Name and Shame’ Is Not Enough
In Shenzhen, pedestrians who violate road rules are already named and shamed…