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Four Japan firms to tie up in facial recognition for payment

eddygates1 | August 16, 2021

Four companies, including banking group Resona Holdings Inc. and electronics giant Panasonic Corp., said Monday that they will work together to put into practical use a payment platform using facial recognition technology.

Resona, Panasonic, credit card firm JCB Co. and Dai Nippon Printing Co. aim to introduce a system to allow customers to deposit, withdraw and transfer money at banks using only facial recognition technology for identification as early as fiscal 2022, staring next April.

They also hope that the envisaged platform will be used in a wide variety of occasions, such as accommodation check-ins, settlements at retail shops and admission and exit at event venues. They plan to call for companies in different sectors to take part in the initiative.

The facial recognition system is expected to verify the users’ ID by matching facial images captured mainly by cameras at facilities and the facial images that they have registered to a common server.

Resona plans to introduce the system on a trial basis for employees at its headquarters by the end of the current fiscal year and allow customers to take related procedures at outlets of its bank units without cash cards or passbooks as early as fiscal 2022.

JCB will urge member stores to join the platform.

A facial recognition settlement system is seen preventing illicit use of bank accounts such as through leaks of personal ID numbers.

Tokyo-based research company Fuji Keizai Co. said the market size for facial recognition technology is projected to triple to ¥8.6 billion in 2023 from the level in 2019.

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Written by eddygates1


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