Four Japanese firms are teaming up to co-develop a facial recognition payment system that will allow customers to make deposits and withdrawals at banks or make payments at stores without presenting anything. The four firms co-developing this technology are banking group Resona Holdings, Panasonic System Solutions Japan, credit card firm JCB and Dai Nippon Printing.
According to the parties involved, the technology will soon be put into use in industries such as tourism and cab services.
While there are concerns that customers might be unwilling to register their facial images in advance, the firms are developing a system under which facial image data will be stored on a server that cannot be accessed from the outside.
Meanwhile, Russia-based VTB Bank has launched a facial recognition payment solution, according to a press release. Vision, a contactless technology provider, is offering its O.Vision facial recognition app, which customers can link to their payment cards for contactless purchases.
Sergey Bezbogov, head of the department of management and coordination of technological changes, VTB Bank, said, “The pilot with O.Vision will allow us to test the facial recognition technology for payment, and evaluate the maturity, accuracy, and speed of recognition algorithms that ensure the security of payments.
“The solution has a built-in anti-spoofing system, which avoids the possibility of identity substitution when paying by facial biometrics. The identification algorithm analyses many parameters and minimises the probability of false admission.”