Visitors interact with pet dogs at the Chengdu International Pet Expo in Chengdu, southwest China's Sichuan Province, July 19, 2020. The 9th Chengdu International Pet Expo closed on Sunday. (Xinhua/Wang Xi)

Alipay's insurance platform on Monday launched pet insurance that uses nose print recognition technology for the first time in China.

The pet insurance is currently available for dogs and cats, according to Alipay.

When taking out insurance, the Alipay insurance platform sets up an exclusive electronic file for each pet based on its nose print. And the platform can check the nose print to verify a pet's identity before completing a claim. 

Back in July 2019, Chinese AI start-up Megvii launched a nose print recognition function in its application to help reunite owners with their lost pets. Nose prints are similar to human fingerprints in that they are unique.

It was reported that the success rate of pet nose print recognition technology is more than 99 percent. The technology will be used in multiple scenarios in the future, including urban pet management and the recovery of lost pets.

Data showed that Alipay has 500 million users at present, and Xiang Hu Bao, an insurance platform built in the payment app and launched on October 18, 2018, had more than 100 million users by November 2019. 

The launch is Alipay's latest development in the field of insurance.

On July 10, Alipay announced that Taikang Insurance Group, China Taiping Insurance Group and other insurance companies have opened virtual business offices on Alipay to provide customized education products for Alipay users. 

Within a week of its launch, more than 1 million parents had taken out educational insurance for their children.