Japanese bank considering facial recognition payment system
Sumitomo Mitsui Financial Group, Inc. (SMFG) has been considering how to implement a payment system using facial biometrics for authentication, according to a report in The Japan Times.
SMFG is a Japanese bank holding / financial services company established by Sumitomo Mitsui Banking Corporation, which is the second largest bank in Japan by market value.
The system would identify individuals by their facial characteristics as a means of verifying their credit cards or bank accounts so they can make payments without cards or be able to withdraw cash from ATMs using this method during disasters.
SMFG is planning trials to begin at retail outlets as early as 2017 but expect several years of development to follow after the trials. The trials will give SMFG the opportunity to check the precision of the technology and research if users are willing to register their facial data.