A Japanese bank has for the first time started a face recognition technology for customers to facilitate money withdrawal from ATM outlets. Seven Bank (Shizuoka Bank), headquartered in Tokyo implemented the innovative technology that makes it easier for customers to dispense cash without swiping cards, the traditional way.
Japan’s Seven Bank launches Face Recognition for ATM cash withdrawal
The bank brought the innovative service to offer a more digitalized solution to withdraw cash from ATM. Seven Bank calls it “Face Cash”. The service lets customers both deposit and withdraw money by having their faces recognized at the ATM terminals. No need to use smartphones or ATM cards.
The service uses NEC Corp.’s facial technology. To use the service, customers first have to register their facial information. Later, they can transact by entering a password and a code number.
According to the bank, the face cash service enables customers from 26,000 ATMs to withdraw cash.
Both the bank and NEC claim that its face cash service is fully secure and prevents unauthorized access to dispense cash.
Also: Digital Transaction Limit of Mobile Banking, Internet Banking, and Wallets in Nepal
Withdrawing cash at Nepali ATM with facial recognition?
Nepal doesn’t yet have a technology of face recognition for withdrawing cash at ATM outlets. However, many prominent banks have launched cash deposit and withdrawal machines. Recently, NIA Asia even enabled eSewa users to withdraw cash through its ATMs. Services like Mobile banking and Internet banking are seeing continuous innovation. So, digital transformation with ATM services is there.
Nepali banks have put tremendous effort into digitalizing their banking services. They are likely to bring more innovative technologies to make their services more efficient and customer-friendly. So, we are hopeful that facial recognition for withdrawing cash at an ATM will become a reality in not so long distant future.