Chinese Banks Are Doing Away With Bank Cards By Utilizing Facial Recognition Software

Chinese Banks Are Doing Away With Bank Cards By Utilizing Facial Recognition Software

Banks in China are developing face-recognition technology so that users can withdraw funds without having to use their bank cards. Instead, the facial recognition software will be able to identify users.

The technology is being applied at banks in the city of Shenzhen. The city already has nine ATMs with the technology, and it will soon be applied throughout the entire city.

China Merchants Bank says that it will have the face recognition feature at every single one of the bank’s 12,000 ATMs by the end of the year.

Customers using this feature will have a real-time photograph taken. The image will be compared to a verified photograph to make sure that there is a match.

The technology reportedly makes use of a core algorithm that analyzes facial features and can make matches at an extremely accurate rate.

The feature is considered by the bank to be a secondary measure for bank security.

The facial recognition software made its debut on Thursday at the China International Exhibition on Financial Banking Technology and Equipment that took place in Shanghai.

However, while the technology is said to be fast and convenient, it does have some drawbacks.

People who elect to use the feature will have a daily withdrawal limit of 3,000 Chinese Yuan, or about $473. They must present a bank card in order withdraw more funds.

An initial ATM with facial recognition was first displayed in May by researchers from Tsinghua University. The researchers worked in conjunction with security firm Tzekwan Technology.

Last July, MasterCard announced that it would start a test program that would allow users to pay for purchases online by taking a selfie.

Meanwhile, last March, Alibaba founder Jack Ma Yun showcased his company’s “Smile to Pay” feature at a conference in Germany. Yun purchased a stamp, and he paid for it by verifying his identity with a selfie. Alibaba has not announced a launch day for “Smile to Pay”.

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