Chinese banks betting big on face recognition
09 October 2017 14:27 GMT

HSBC is bullish on the potential for face recognition to change banking in Asia, after claiming the title of the first foreign bank to offer facial recognition for payments in China.

The bank recently started using the biometric authentication to allos customers to transfer up to 50,000 yuan ($7,515) per day to new payees by combining facial recognition with passwords on their Chinese bank's mobile app, freeing them from the physical security devices typically used to make such transactions.

HSBC regards this change as a way of promoting its mobile payment business in China, one of the world's countries most receptive to new technology.

"Digital technology is rapidly evolving and customers are now able to bank more simply, quickly and in the most secure way possible," said Andrew Connell, head of digital innovation and partnerships at a department of HSBC. "We see a huge growth opportunity in the adoption of technology for retail banking, not just in China but across the Asia Pacific region and around the world."

Last month, Agricultural Bank of China's (ABC) outlets in Jinan city introduced facial recognition technology at its automatic teller machines (ATM).

Other banks, such as the China Merchants Bank and the Construction Bank of China, have also introduced similar technology in their ATMS.

"All you have to do is to press the facial recognition withdrawal button, scan your face in the camera, enter your phone number or ID number, and enter your transaction amount and password," said Zhang Baojing, a banking manager at ABC.

Zhang said that the technology can eliminate the risk of having bank cards illegally copied, and lower the possibility of cards getting eaten by ATMS.