Wells Fargo chair and chief executive John Stumpf has bowed to calls for his resignation over the bank's unauthorised account scandal, leaving the bank on Wednesday. Reuters reports that he will be replaced by chief operating officer Tim Sloan. Wells Fargo announced that it would split the role of chair and CEO as part of an extensive overhaul of the business. Alibaba has demonstrated a payment service that will allow shoppers to make their payments by nodding their heads, Reuters reports. VR Pay allows people using virtual reality goggles to browse virtual reality shopping centres and pay for their purchases without taking off the goggles. User identity is verified via account log-ins on connected devices or via voice print technology. The VR Pay developer, Ant Financial, said it would be in the market by the end of the year. Seven countries in the Asian Payment Network have adopted the UnionPay chip card standard for card acceptance and issuance. APN, which has 11 members, is working towards interconnection of payment networks in the region. Its members include Singapore, Thailand, South Korea, Malaysia, Indonesia and the Philippines. UnionPay International said in a statement that the agreement was a significant step in the globalisation of China's financial technology standards.