Light Based Payment System being Tested in Local Shops and Banks
A photonic or light based method of payment is being developed by a Shenzhen based groups which is applied at offline shops and bank outlets. Kuang-Chi the group responsible for the payment service, allows you to download the app that is linked to the users bank account. Users then can complete payments by clicking on a button as the application will be using phone’s flash light to communicate with a photonic receiving device that is attached to a POS machine.
Users can also use its functions if they download an app the is developed by banks in cooperation with the Kuang-Chi company that allows there flash light to withdraw money from automated teller machines in the future. The light payment method is part of a solution that was recently approved by the national bank card testing authority last December. The market for mobile payments is growing and using photonic payment system can facilitate the use of bank cards and is more convenient and safe usage with online and offline settlements.
The smartphone’s flash light is visible and dynamic making it safe to use, furthermore it doesn’t require any changes to mobile phones and can be used with internet connection. The first deal made using the photonic light system was completed on Ping An Bank’s mobile application after the two establishments created a strategic partnership in June.
As of the moment the system is being adopted in some shops in local electronic markets in Huanqiangbei, and before users can access the functions a software development kit must e embedded to the existing payment systems and social networking apps.