Japaneze banks looks into testing facial recognition payment system
Attempting to use technology to identify a person via their facial characteristics for settling transactions is a rare attempt globally.
Sumitomo Mitsui Financial Group, Inc. (SMFG) has been looking into how to practically use a facial authentication payment system. SMFG will begin trials at retail outlets as early as 2017 before developing it for practical use over several years after the trials. If the new system is realized, it will allow consumers to shop without bringing their wallet.
The system identifies individuals by reading their facial characteristics, such as the positioning and size of a person’s eyes and nose from imaging data. SMFG aims to utilize users’ facial data as a means of verifying their credit cards or bank accounts so they can make payments.
Under SMFG’s plan, users are required to preregister with the system. Then, for example, department stores allow frequent or big-spending customers to pay via facial authentication, or sports clubs allow their members to pay fees without bringing any payment. Another expectation is for users to be able to withdraw cash from ATMs using this method during disasters.
Through the trials, SMFG will check the precision of the technology and research if users are willing to register their facial data. Face recognition technology has become increasingly sophisticated in recent years and has already been applied for crime-prevention measures and in other fields.
Source: the-japan-news.com
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
