Alibaba wants to ensure safety by introducing a safer way to make transactions on its online business platforms.
Alibaba Group is the largest B2B business in the world. In a very short span of time, the company has evolved into a giant business competing with the likes of Amazon and EBay. Many analysts believe that Alibaba has surpassed all other retail corporations in the world. Alibaba's online store platforms including Alibaba.com, Aliexpress.com, Taobao, and Tmall have proved to be very beneficial in generating enormous revenues for the company. The company never compromises on best quality, safety, and security hence it keeps on innovating with respect to technology.
Alibaba's (NYSE:BABA) recent technological innovation is one of its kinds. It is believed that the company will want its users to confirm their orders' payments through a selfie. With the rising trend of selfies, it is likely to say that consumers will be required to smile before paying for products in the near future. And this is where Alibaba's new technology leads us to. In the past week, the founder of Alibaba, Jack Ma unveiled a new system named as "Smile to pay". This initiative is taken in order to ensure more safety and security while making transactions.
The "smile to pay" system will allow consumers to smile before a camera confirming their identities by face recognition technology instead of using digital tokens and passwords.
Jack Ma presented this technology in a presentation at a technology conference in Germany, CeBit. Reports suggest that Jack Ma took "a selfie with his phone to pay for a vintage stamp offered on Alibaba's e-commerce site".
Marketwatch.com said, "The application compared the photo to a stored image of Ma linked to his account and, after confirming that the picture was of the same person, authorized the payment." However, there are many loopholes with the new technological innovation that the company plans on to introduce in the foreseeable future. Alibaba will have to make sure that the technology works fine in a way that it should know the difference between a stolen a picture and a picture taken at real time.
South China Morning Post has also reported several bugs already in the company's "Smile to pay" system. Therefore, Alibaba will have to be careful going forward with this technology. According to Marketwatch.com, an Alibaba spokeswoman said that the company is quite serious to perfectly develop its smile to pay system. South China Morning Post reported "No launch date has yet been set, but the e-commerce major plans to offer the system in China first, before introducing it elsewhere".
Jack Ma likes to experiment with things and technology just to boost his business and take it to the newer heights.