According to Asian Times Financial, the ‘payment points’ will be calculated by an AI system based on consumers' personal and credit records, including habits and other factors that constitute users’ credibility. WeChat will give users a ‘trust’ value, as a high ‘payments points’ score will indicate a ‘deep understanding’ of users, while the company will be able to nominate users as trustworthy, or not.
WeChat believes its ‘payment points’ might build a personal information credit system, performing a similar function to personal credit rating systems such as Equifax. Therefore, small commercial institutions, including banks, can choose the credit report for personal credit evaluation, the company’s officials stated.
However, the introduction of 'payment points' is likely to bring some risks, as using them means that WeChat can access users’ personal real name information and detailed payment information. Consequently, in terms of personal privacy and property security, some people are sceptical about the new system.
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