TOKYO -- Dai Nippon Printing and the Bank of Yokohama have jointly developed a facial recognition technology for smartphone banking and transactions.
Dai Nippon offers technological solutions that extend beyond printing. The Bank of Yokohama belongs to Concordia Financial Group. The regional bank will start testing the system with its smartphone payment service next spring. According to the plan, the system will be offered to about 10 banks and brokerage houses in 2018.
Customers will take a picture of their face using a smartphone's front camera. The data will be encrypted and checked against previously registered images.
When smartphone users register accounts or send money through apps, a one-time password is often used. Facial recognition technology is expected to save the effort of entering new passwords and reduce illegal activity. The technology is becoming more widespread.
A biometric authentication company created by such companies as Sumitomo Mitsui Financial Group offers an app that allows users to log in with their face or voice.
In China, an Alibaba Group Holding affiliate has launched a service that lets customers check out at self-service registers using mobile payment platform Alipay. Customers do not need to carry their smartphones, simply show their face.